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Forex News: Australian, NZ Dollars Higher Amid Strong Economic Data

Australian, NZ Dollars Higher Amid Strong Economic Data

07/03/2020 - 03:12:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Friday amid rising risk appetite, as strong jobs data added to optimism about an economic recovery. Data showing that China's service sector expanded strongly in June also boosted sentiment.

Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.

Survey data from IHS Markit showed that China's service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed.

The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010.

Data from IHS Markit showed that Australia's service sector grew for the first time in five months in June amid a further easing of Covid-19 restrictions.

The Commonwealth Bank of Australia services Purchasing Managers' Index surged to 53.1 in June from 26.9 in May. The flash reading was 53.2.

The aussie rose to 0.6933 against the greenback, 74.52 against the yen and 0.9402 against the loonie, from its early lows of 0.6914, 74.33 and 0.9384, respectively. The next possible resistance for the aussie is seen around 0.72 against the greenback, 76.00 against the yen and 0.96 against the loonie.

The aussie appreciated to more than a 3-week high of 1.6207 against the euro, after falling to 1.6249 at 8:45 pm ET. The aussie is seen finding resistance around the 1.59 level.

The kiwi edged up to 0.6518 against the greenback and 70.09 against the yen, off its early lows of 0.6501 and 69.90, respectively. Next key resistance for the kiwi is seen around 0.68 against the greenback and 71.00 against the yen.

The kiwi touched more than a 3-week high of 1.7233 against the euro, reversing from a low of 1.7276 seen at 9:00 pm ET. On the upside, 1.70 is possibly seen as the next resistance level for the kiwi.

The kiwi gained to 1.0624 against the aussie and held steady thereafter. At Thursday's close, the pair was valued at 1.0629.

Looking ahead, PMI reports from major European economies are due in the European session.

For comments and feedback: contact editorial@rttnews.com

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