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Forex News: Australian, NZ Dollars Firm As Commodity Prices Gain

Australian, NZ Dollars Firm As Commodity Prices Gain

12/22/2021 - 08:17:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars strengthened against their major counterparts in the European session on Wednesday, as commodity prices rose, Omicron worries eased a bit and China pledged more measures to support the economy.

Oil prices gained after a data from the American Petroleum Institute showed that U.S. crude inventories fell by 3.7 million barrels last week.

U.S. President Joe Biden pledged that the country will not go back to lockdowns, adding that it is Americans' "patriotic duty" to get vaccinated.

Biden told the government will provide 500 million free rapid home-testing kits, increase assistance to hospitals and ramp up vaccination and booster programs.

In an interview with Xinhua News Agency, Ning Jizhe, Deputy Head of the National Development and Reform Commission, said that the Chinese government will boost spending, enhance support to manufacturers and small companies and protect price stability.

Beijing is determined to implement proactive fiscal policies, increase efforts to build an integral domestic market and further reduce the negative list regarding foreign investment, he added.

Data from Westpac showed that Australia's leading index improved in November but remained slightly negative.

The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index rose to -0.2 percent in November from -0.5 percent in October.

Survey data from ANZ showed that New Zealand consumer confidence improved for the first time in six months in December.

The ANZ-Roy Morgan consumer confidence index rose to 98.3 in December from 96.6 in the previous month. However, the index remained well below its long-term average of 120.

The aussie advanced to a 5-day high of 0.7171 against the greenback and a 6-day high of 81.93 against the yen, off its early lows of 0.7121 and 81.26, respectively. The next possible resistance for the aussie is seen around 0.74 against the greenback and 84.00 against the yen.

The aussie rose back to 1.5754 against the euro, not far from a 6-day high of 1.5752 seen in the Asian session. If the aussie rises further, it may find resistance around the 1.54 level.

The aussie rebounded to 1.0576 against the kiwi, from a low of 1.0554 set at 5:45 pm ET. On the upside, 1.07 is seen as its next likely resistance level.

The aussie hit 0.9256 against the loonie, its highest level since November 2. The aussie is poised to find resistance around the 0.94 area.

The NZ currency appreciated to a 5-day high of 0.6783 against the greenback and a 6-day high of 77.51 against the yen, up from its previous lows of 0.6740 and 76.92, respectively. The kiwi is seen finding resistance around 0.70 against the greenback and 79.00 against the yen.

The kiwi recovered to 1.6649 against the euro, heading to pierce its Asian session's 2-day high of 1.6646. The kiwi may face resistance around the 1.64 region.

Looking ahead, U.S. GDP data for the third quarter and existing home sales for November will be published in the New York session.

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