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Forex News: Australian, NZ Dollars Advance On Recovery Hopes

Australian, NZ Dollars Advance On Recovery Hopes

06/30/2021 - 03:14:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars moved up against their major counterparts in the Asian session on Wednesday, as most Asian shares rose following positive cues from Wall street overnight on optimism over economic recovery and on vaccine hopes against the delta coronavirus strain.

U.S. consumer confidence jumped to nearly a 1-1/2-year high in June, while the Federal Housing Finance Agency's house price index shot up to a record high in April, separate data showed on Tuesday.

Moderna's announcement that its vaccine produced protective antibodies against the delta variant further underpinned sentiment.

Official data showed that China manufacturing PMI rose more than forecast in June.

The manufacturing Purchasing Managers' Index came in at 50.9 in June, up from forecasts for a reading of 50.8.

All important U.S. jobs data is due later in week, which could provide more clarity on the Federal Reserve's policy outlook.

The aussie climbed to 0.7527 against the greenback and 83.16 against the yen, after falling to 0.7508 and 82.96, respectively in early deals. On the upside, 0.78 and 86 are possibly seen as its next resistance levels against the greenback and the yen, respectively.

The aussie edged up to 0.9328 against the loonie and 1.5813 against the euro, up from an early low of 0.9307 and an 8-day low of 1.5846, respectively. If the aussie rallies again, 1.56 and 0.96 are seen as its next resistance levels against the loonie and the euro, respectively.

Reversing from its early lows of 0.6985 against the greenback, 77.18 against the yen and 1.7029 against the euro, the kiwi rose to 0.7004, 77.40 and 1.6991, respectively. The kiwi is likely to locate resistance around 0.72 against the greenback, 80.00 against the yen and 1.67 against the euro.

The kiwi recovered to 1.0739 against the aussie, from a low of 1.0754 set at 8:15 pm ET. The kiwi may challenge resistance around the 1.06 level.

Looking ahead, Swiss economic sentiment index, German jobless rate and Eurozone inflation, all for June, will be published in the European session.

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

Canada GDP data for April and industrial product price index for May, as well as U.S. pending home sales for the same month will be released in the New York session.

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