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Forex News: Australian, NZ Dollars Climb As US-China Trade Fears

Australian, NZ Dollars Climb As US-China Trade Fears Reduce

06/01/2020 - 03:29:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars spiked up against their major counterparts in the Asian session on Monday, as U.S.-China trade tensions eased after U.S. President Donald Trump did not mention about tariffs during his highly-anticipated press conference on China.

Trump ordered his administration to begin the process of eliminating special U.S. treatment for Hong Kong and also said he is terminating the U.S.' relationship with the World Health Organization, claiming China has total control of the agency. In addition, official data released over the weekend showed that China's factory activity expanded in May.

Survey results from IHS Markit showed that Australia's manufacturing sector logged a sharp deterioration in operating conditions in May amid ongoing measures to contain the spread of the coronavirus, or Covid-19.

The Commonwealth Bank factory Purchasing Managers' Index fell to 44.0 in May from 44.1 in April. A score below 50 indicates contraction.

The aussie appreciated to a 3-1/-2-month high of 0.6743 against the greenback and more than a 3-month high of 72.59 against the yen, from its early lows of 0.6648 and 71.60, respectively. The next possible resistance for the aussie is seen around 0.70 against the greenback and 74.00 against the yen.

The aussie firmed to a 5-day high of 1.6507 against the euro, 1-year high of 0.9261 against the loonie and near a 2-week high of 1.0808 against the kiwi, off its early lows of 1.6706, 0.9159 and 1.0736, respectively. The aussie is likely to find resistance around 1.61 against the euro, 0.94 against the loonie and 1.12 against the kiwi.

Reversing from its early lows of 0.6185 against the greenback and 66.62 against the yen, the kiwi climbed to a 2-1/2-month high of 0.6253 and near a 3-month high of 67.30, respectively. The kiwi is seen finding resistance around 0.64 against the greenback and 69.00 against the yen.

The kiwi recovered from an early low of 1.7959 against the euro, with the pair trading at 1.7822. If the kiwi rises further, 1.72 is seen as its next resistance level.

Looking ahead, PMI reports from major European economies will be featured in the European session.

U.S. construction spending for April and ISM manufacturing index for May are set for release in the New York session.

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