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Forex News: Australian, NZ Dollars Higher Ahead Of U.S. Jobs

Australian, NZ Dollars Higher Ahead Of U.S. Jobs Data

05/08/2020 - 03:46:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars moved up against their major counterparts in the Asian session on Friday, as most Asian shares rose following the positive cues overnight from Wall Street on upbeat corporate earnings results and continued optimism about easing COVID-19 restrictions.

A continued decline in the number of new jobless claims in the U.S. also boosted sentiment.

Investors now look ahead to the release of the U.S. jobs data for the month of April later today. Employment is expected to plunge by about 22 million jobs in April, driving the unemployment rate up to 14.0 percent.

US-China tensions eased after a statement by the U.S. Treasury Department and Trade Representative's office said that U.S. and Chinese officials have held a phone call late on Thursday on the phase one trade deal signed between the two countries signed earlier this year.

Both sides agreed that "good progress" is being made to meet the phase one agreement and that they expect to meet the obligations under the deal,

The aussie climbed to 8-day highs of 0.6548 against the greenback and 1.6573 against the euro, from its early lows of 0.6492 and 1.6688, respectively. The next possible resistance for the aussie is seen around 0.70 against the greenback and 1.61 against the euro.

The aussie appreciated to a 1-week high of 69.61 against the yen, from a low of 68.97 hit at 5:00 pm ET. The aussie is poised to find resistance around the 75.00 level.

The aussie gained to 0.9120 against the loonie, after falling to 0.9074 at 5:00 pm ET. The aussie is seen finding resistance around the 0.94 level.

The kiwi advanced to a 1-week high of 65.22 against the yen and 8-day highs of 0.6134 against the greenback and 1.7693 against the euro, off its early lows of 64.65, 0.6084 and 1.7805, respectively. On the upside, 67.00, 0.64 and 1.72 are likely seen as the next resistance levels for the kiwi against the yen, the greenback and the euro, respectively.

The kiwi edged up to 1.0654 against the aussie, from a low of 1.0688 set at 9:15 pm ET. If the kiwi rises further, 1.03 is possibly seen as its next resistance level.

Looking ahead, Canada housing starts for April are set for release at 8:15 am ET.

U.S. and Canadian jobs data for April, U.S. wholesale inventories for March and Canada building permits for the same month are due out in the New York session.

For comments and feedback: contact editorial@rttnews.com

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