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Forex News: Australian, NZ Dollars Appreciate On U.S. Stimulus Hopes

Australian, NZ Dollars Appreciate On U.S. Stimulus Hopes

10/21/2020 - 03:54:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Tuesday, on growing expectations of a U.S. fiscal stimulus package before the U.S. presidential election.

U.S. House Speaker Nancy Pelosi said on Bloomberg TV that legislators are starting to commit the measure to paper, but cautioned "Legislation is tough."

Senate Majority Leader Mitch McConnell signaled a willingness to bring a bill passed by the House, and supported by President Trump, to the floor at some point.

Trump signaled that he was willing to accept a large aid bill despite opposition from the Republicans.

With only two weeks left until Election Day, Trump will go head-to-head with Biden for their second presidential debate in Nashville, Tennessee on Thursday.

Data from Westpac showed that Australia's leading index improved in September suggesting that momentum continued to show a significant improvement consistent with the economy moving out of recession.

The six-month annualized growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to -0.48 percent in September from -2.28 percent in August.

The aussie climbed to a 2-day high of 0.7083 against the greenback, from a low of 0.7046 set at 5:00 pm ET. The aussie is likely to challenge resistance around the 0.72 level.

The aussie touched a session's high of 74.61 against the yen, reversing from a low of 74.28 seen at 5:00 pm ET. If the aussie rises further, it may find resistance around the 76.00 level.

The Australian currency edged up to 1.6727 against the euro and 0.9278 against the loonie, from its previous low of 1.6782 and a 4-1/2-month low of 0.9247, respectively. The next possible resistance for the aussie is seen around 1.62 against the euro and 0.94 against the loonie.

The kiwi rose to 2-day highs of 0.6621 against the greenback and 69.68 against the yen, after falling to 0.6573 and 69.32, respectively in prior deals. The kiwi is likely to find resistance around 0.68 against the greenback and 72.00 against the yen.

The kiwi recovered from an early low of 1.7982 against the euro, rising to 1.7914. On the upside, immediate resistance is seen near the 1.74 level.

Optimism over stimulus deal diminished the appeal of the safe-haven dollar.

The greenback depreciated to 1-1/2-month lows of 0.9044 against the franc and 1.3081 against the loonie, off its early highs of 0.9071 and 1.3129, respectively. The greenback is seen finding support around 0.88 against the franc and 1.29 against the loonie.

Pulling back from its previous highs of 105.53 against the yen, 1.2935 against the pound and 1.1820 against the euro, the greenback slipped to a 5-day low of 105.22, 2-day low of 1.3001 and more than a 4-week low of 1.1863, respectively. On the downside, 104.00, 1.34 and 1.20 are possibly seen as its next support levels against the yen, the pound and and the euro, respectively.

Looking ahead, Canada retail sales for August, consumer inflation and new housing price index for September and U.S. Federal Reserve's Beige book report will be featured in the New York session.

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