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Forex News: Australian, NZ Dollars Advance On China Optimism

Australian, NZ Dollars Advance On China Optimism

12/27/2022 - 05:02:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts on Tuesday, as China abandoned quarantine measures for inbound travelers, further relaxing border controls after nearly three years of restrictions.

The National Health Commission announced that containment measures for inbound travellers will not be required from January 8.

Inbound travelers will be required to take a PCR test in the 48 hours before arriving in China, and restrictions on the number of international flights into the country will also be ended.

On Monday, the NHC announced that COVID-19 will be downgraded to a Class B infectious disease from the Class A level.

The announcement is a major step in reopening of the economy, after abandoning the so-called zero-Covid policy earlier this month.

The aussie climbed to near a 2-week high of 0.6776 against the greenback and a 1-week high of 90.13 against the yen, from its early lows of 0.6721 and 89.26, respectively. The aussie is seen facing resistance around 0.69 against the greenback and 92.5 against the yen.

The aussie advanced to 5-day highs of 1.5737 against the euro and 0.9174 against the loonie, up from its early lows of 1.5814 and 0.9124, respectively. Next immediate resistance for the aussie is seen around 1.55 against the euro and 0.94 against the loonie.

The AUD/NZD pair rose to 1.0730 around 1:55 am ET and held steady thereafter. The currency is likely to challenge resistance around the 1.09 level.

The kiwi appreciated to a 5-day high of 0.6318 against the greenback and a 1-week high of 84.14 against the yen, following its previous lows of 0.6277 and 83.21 , respectively. Should the kiwi strengthens further, it is likely to test resistance around 0.66 against the greenback and 86.00 against the yen.

The kiwi recovered to 1.6863 against the euro, from a low of 1.6941 hit at 11 pm ET. The kiwi may challenge resistance around the 1.66 level.

Looking ahead, U.S. wholesale inventories and advance goods trade balance for November, as well as Federal Housing finance agency's house price index and S&P/Case-Shiller home price index for October will be featured in the New York session.

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