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Forex News: Australian, NZ Dollars Advance On China Policy Easing

Australian, NZ Dollars Advance On China Policy Easing Hopes

12/06/2021 - 02:53:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars moved up against their major counterparts in the Asian session on Monday, as Chinese authorities said that its recent policy moves were not intended to crack down on specific industry or private firms and did not necessarily target overseas listings of companies.

The China Securities Regulatory Commission said that its recent regulations were aimed to protect the interests and data security of small- and medium-sized firms, as well as personal information security.

Chinese Premier Li Keqiang said last week that Beijing would continue to implement a prudent monetary policy and would reduce the reserve requirement ratio as required.

The Chinese authorities would increase support for the real economy, especially for small and medium-sized companies, to support its operations in a stable way, he added.

The aussie rose to 0.7027 against the greenback, 79.43 against the yen and 1.6068 against the euro, following its prior lows of 0.6996, 78.96 and 1.6157, respectively. The next possible resistance for the aussie is seen around 0.72 against the greenback, 82.00 against the yen and 1.58 against the euro.

The aussie appreciated to 1.0403 against the kiwi, after falling to a 2-week low of 1.0352 at 5 pm ET. If the aussie rises further, it may find resistance around the 1.06 level.

The kiwi edged up to 0.6761 against the greenback, 76.41 against the yen and 1.6701 against the euro, off its early lows of 0.6743, 76.15 and 1.6754, respectively. The kiwi is seen finding resistance around 0.70 against the greenback, 78.00 against the yen and 1.63 against the euro.

Looking ahead, Eurozone Sentix investor confidence index for December and U.K. construction PMI for November are due in the European session.

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