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Forex News: Australian, NZ Dollars Advance On Encouraging China Data

Australian, NZ Dollars Advance On Encouraging China Data

08/31/2022 - 04:48:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars moved up against their major counterparts in the Asian session on Wednesday, amid better-than-expected manufacturing and services PMI data out of China in the month of August.

The latest survey from the National Bureau of Statistics showed that China manufacturing PMI came in at 49.4 in August - beating expectations for a reading of 49.2 and up from 49.0 in July.

China's non-manufacturing PMI rose to 52.6 in August versus 52.3 expected, but down from 53.8 in the previous month.

Oil prices rose as an industry data showed that gasoline and distillate inventories declined more than expected last week.

Data from the Reserve Bank of Australia showed that Australia's private sector credit rose 0.7 percent on month in July - slowing from 0.9 percent in June.

On a yearly basis, credit was up 9.1 percent - steady from the June reading.

The aussie advanced to 0.6904 against the greenback and 1.1220 against the kiwi, off its early lows of 0.6850 and 1.1170, respectively. The currency is likely to find resistance around 0.71 against the greenback and 1.14 against the kiwi.

The aussie rose to 95.57 against the yen and 1.4522 against the euro, reversing from an early 2-day low of 94.91 and near a 2-week low of 1.4634, respectively. The aussie is seen finding resistance around 98.00 against the yen and 1.42 against the euro.

The aussie edged up to 0.9020 against the loonie, from a low of 0.8965 seen at 5 pm ET. Next key resistance for the aussie is seen around the 0.92 area.

The kiwi climbed to 0.6155 against the greenback, 1.6279 against the euro and 85.18 against the yen, from an early low of 0.6124, more than 5-week low of 1.6361 and a 2-day low of 84.89, respectively. If the currency rises further, it may find resistance around 0.64 against the greenback, 1.59 against the euro and 87.00 against the yen.

Looking ahead, German jobless rate, Swiss economic sentiment index and Eurozone flash inflation data, all for August, are scheduled for release in the European session.

U.S. ADP private payrolls data for June is set for release at 8:15 am ET.

Canada GDP data for second quarter is due out in the New York session.

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