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Forex News: Australian, NZ Dollars Advance On Higher Oil Prices

Australian, NZ Dollars Advance On Higher Oil Prices

11/08/2021 - 03:36:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, following a rally in oil prices after Saudi Arabia's state-owned oil producer Aramco increased the official selling price to customers in Europe, Asia and United States reflecting strong demand.

Aramco hiked its December official selling price for its crude to $2.70 a barrel versus Oman/Dubai crude to the Asian countries, up $1.40 from this month.

In another development, the House of Representatives has passed the infrastructure plan on Friday with a 228-206 vote, which is expected to create 2 million jobs a year over the decade.

The plan, totaling more than $1.2 trillion, would provide funds for broadband, roads, bridges and other projects.

China's exports exceeded forecasts in October, while U.S. job growth accelerated, igniting optimism over the global economy. Investors awaited a report on U.S. inflation due this week to assess the monetary policy outlook.

The aussie rose back to 0.7409 against the greenback and 0.9222 against the loonie, not far from its early 4-day highs of 0.7414 and 0.9229, respectively. The aussie is seen finding resistance around 0.76 against the greenback and 0.94 against the loonie.

The aussie recovered to 84.18 against the yen, from near a 4-week low of 83.77 hit at 5 pm ET. On the upside, 86.00 is possibly seen as its next resistance level.

The aussie was up against the euro, at 1.5609. The aussie is poised to find resistance around the 1.52 level.

The kiwi climbed to 4-day highs of 0.7147 against the greenback, 81.17 against the yen and 1.6180 against the euro, off its early lows of 0.7104, 80.59 and 1.6280, respectively. The kiwi is likely to find resistance around 0.73 against the greenback, 84.00 against the yen and 1.60 against the euro.

The kiwi touched a 6-week high of 1.0365 against the aussie, after falling to 1.0410 at 6:30 pm ET. If the kiwi rises further, it may challenge resistance around the 1.01 level.

Looking ahead, Eurozone Sentix investor confidence data for November is due in the European session.

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