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Forex News: Australian, NZ Dollars Higher Amid Risk Appetite

Australian, NZ Dollars Higher Amid Risk Appetite

01/09/2023 - 05:19:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts on Monday amid risk appetite, as data showing a slowdown in U.S. wage growth and a contraction in U.S. service sector activity in the month of December supported expectations that the Federal Reserve will slow the pace of rate hikes.

Although non-farm payrolls beat expectations in December, wage growth was lower than expected, helping ease Fed rate hike concerns.

China reopened its international borders, stopping quarantine requirements for travelers after almost three years.

Data from the Australian Bureau of Statistics showed that Australia building approvals slumped a seasonally adjusted 9.0 percent on month in November - coming in at 13,898.

That missed expectations for a decline of 4.0 percent following the 6.0 percent contraction in October.

The aussie climbed to more than a 4-month high of 0.6947 against the greenback and near a 3-week high of 91.66 against the yen, off its early lows of 0.6874 and 90.69, respectively. The aussie is seen facing resistance around 0.72 against the greenback and 94.00 against the yen.

The aussie advanced to a 5-day high of 0.9302 against the loonie and near a 6-week high of 1.5386 against the euro, after falling to 0.9237 and 1.5480, respectively in early deals. The next possible resistance for the aussie is seen around 0.96 against the loonie and 1.49 against the euro.

The kiwi rallied to near a 2-week high of 84.59 against the yen, 3-week high of 0.6409 against the greenback and near a 3-week high of 1.6674 against the euro, from its early lows of 83.58, 0.6328 and 1.6799, respectively. The kiwi is likely to target resistance around 87.00 against the yen, 0.66 against the greenback and 1.62 against the euro.

The kiwi rose to 1.0821 against the aussie at 9:40 pm ET and held steady thereafter. On the upside, 1.10 is possibly seen as its next resistance level.

Looking ahead, Eurozone jobless rate for November is due in the European session.

Canada building permits and U.S. consumer credit for November will be featured in the New York session.

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