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Forex News: Australian And NZ Dollars Advance Amid Risk Appetite

Australian And NZ Dollars Advance Amid Risk Appetite

05/07/2020 - 07:12:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars drifted higher against their major counterparts in the European session on Thursday amid risk appetite, as China exports data for April exceeded expectations and bleak U.S. data released overnight prompted calls for more government spending.

European Central Bank Vice President Luis de Guindos called for greater cooperation in fiscal policy from the region's political leaders to support the recovery.

Stating the euro zone economy is facing a deep recession, he told the European Parliament's committee on economic and monetary affairs that "it is thus vital that the fiscal response to this crisis is sufficiently forceful, in all parts of the euro area."

Survey from the Australian Industry Group showed that Australia's services sector continued to contract in April, and at a steeper pace, with a Performance of Services Index score of 27.1.

That's down from 38.7 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Data from the Australian Bureau of Statistics showed that Australia posted a merchandise trade surplus of A$10.602 billion in March.

That surpassed expectations for a surplus of A$6.8 billion and was up from the downwardly revised A$3.865 billion surplus in February (originally A$4.36 billion).

The aussie rose to 2-day highs of 0.6474 versus the greenback and 68.84 versus the yen, from its early a 3-day low of 0.6379 and a new 2-week low of 67.63, respectively. The aussie is seen finding resistance around 0.70 versus the greenback and 74.00 versus the yen.

The aussie strengthened to an 8-day high of 1.0699 versus the kiwi, more than 4-month high of 0.9125 versus the loonie and a 1-week high of 1.6691 versus the euro, off its early lows of 1.0635 and 0.9039, and a 2-day low of 1.6924, respectively. The aussie is likely to challenge resistance around 1.09 versus the kiwi, 0.92 versus the loonie and 1.62 versus the euro.

The kiwi appreciated to 0.6063 versus the greenback and 64.56 versus the yen, after falling to a 9-day low of 0.5995 and more than a 4-week low of 63.56, respectively in early deals. The next possible resistance for the kiwi is seen around 0.645 versus the greenback and 68.00 versus the yen.

The kiwi hit a 1-week high of 1.7805 versus the euro, from a 2-day low of 1.8008 set at 6:45 pm ET. If the kiwi rises further, it may locate resistance around the 1.70 level.

Looking ahead, U.S. weekly jobless claims for the week ended May 1, consumer credit for March and Canada Ivey PMI for April are set for release in the New York session.

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