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Forex News: Australian, NZ Dollars Higher Amid Omicron Optimism

Australian, NZ Dollars Higher Amid Omicron Optimism

12/08/2021 - 03:00:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars firmed against their most major counterparts in the Asian session on Wednesday, as Asian shares are mostly higher amid optimism about a vaccine to combat the Omicron variant of Covid-19.

The Pfizer-BioNTech's booster dose of the COVID-19 vaccine could provide better protection against the omicron variant, a South African study showed on Tuesday.

The study showed that people who had received two doses of the vaccine could have a partial protection against the omicron variant.

Research showed that GSK and Vir Biotechnology's antibody-based COVID-19 therapy was found to be effective against all mutations of the Omicron coronavirus variant.

President Joe Biden's chief medial adviser Anthony Fauci said on Tuesday that preliminary evidence suggested that the new variant is not as severe as the delta virus strain.

Although the new variant is more transmissible, it had not caused severe illness and deaths, Fauci added.

The aussie advanced to a 1-1/2-month high of 1.0509 against the kiwi, 1-week highs of 0.7143 against the greenback and 81.09 against the yen, off its early lows of 1.0474, 0.7115 and 80.69, respectively. The aussie is seen finding resistance around 1.06 against the kiwi, 0.75 against the greenback and 82.00 against the yen.

The aussie edged up to 0.9026 against the loonie, from a low of 0.8994 seen at 5 pm ET. On the upside, 0.92 is possibly seen as its next resistance level.

In contrast, the aussie was down against the euro, at 1.5860. The aussie is likely to target support around the 1.60 mark.

The NZ currency appreciated to 5-day highs of 0.6800 against the greenback and 77.19 against the yen, after falling to 0.6775 and 76.84, respectively in early deals. The next possible resistance for the kiwi is seen around 0.70 against the greenback and 80.00 against the yen.

Meanwhile, the kiwi dropped to 1.6643 against the euro from from yesterday's close of 1.6579. The kiwi is poised to challenge support around the 1.68 mark.

Looking ahead, the Bank of Canada will announce its interest rate decision at 10:00 am ET. The BoC is widely expected to keep its policy rate steady at 0.25 percent.

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