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Forex News: Australian, NZ Dollars Appreciate As Evergrande Fears Ease

Australian, NZ Dollars Appreciate As Evergrande Fears Ease

10/25/2021 - 04:23:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, as fears over China Evergrande's financial troubles receded after the property developer restarted work on more than 10 projects in six cities including Shenzhen.

In a post on its Wechat account on Sunday, Evergrande said that some of the projects have reached the stage of interior decoration and others have completed construction.

China state media reported that the contagion from the debt problems of the country's estate companies' to the financial sector is generally controllable.

Investors await earnings results from tech companies as well as key risk events including central bank meetings in Canada, Japan and Europe for more direction.

Federal Reserve Chair Jerome Powell said on Friday that the central bank will begin tapering bond purchases soon, but will hold off on raising rates.

The aussie rose to 0.7492 against the greenback and 85.14 against the yen, off its early lows of 0.7461 and 84.69, respectively. The aussie is likely to challenge resistance around 0.77 against the greenback and 88 against the yen.

The aussie reversed from its early lows of 0.9227 against the loonie, 1.5595 against the euro and 1.0431 against the kiwi, edging up to 0.9252, 1.5559 and 1.0455, respectively. The aussie is seen finding resistance around 0.94 against the loonie, 1.52 against the euro and 1.06 against the kiwi.

The kiwi advanced to 0.7170 against the greenback and 81.50 against the yen, following its prior lows of 0.7140 and 81.09, respectively. The kiwi is poised to find resistance around 0.73 against the greenback and 83.5 against the yen.

The kiwi remained higher against the euro, after reaching as high as 1.6159 at 5:30 pm ET. The pair had closed Friday's deals at 1.6273.

The safe-haven yen fell on improved risk sentiment.

The yen dropped to 132.60 against the euro, 124.20 against the franc and 156.82 against the pound, from its previous highs of 132.00, 123.74 and 155.97, respectively. Next key support for the yen is likely seen around 135.5 against the euro, 126.00 against the franc and 160.00 against the pound.

Retreating from its prior highs of 113.42 against the greenback and 91.69 against the loonie, the yen weakened to 113.83 and 92.15, respectively. If the yen slides further, 115.00 and 94.00 are likely seen as its next support levels against the greenback and the loonie, respectively.

Looking ahead, Canada wholesale sales and U.S. monthly budget statement for September will be featured in the New York session.

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