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Forex News: Australian, NZ Dollars Higher As Australia Plans To

Australian, NZ Dollars Higher As Australia Plans To Ease Restrictions

04/29/2020 - 04:05:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars moved up against their major counterparts in the Asian session on Wednesday, as Australian Prime Minister Scott Morrison announced plan to ease coronavirus restrictions soon amid slowing rate of infections.

The PM said that the national cabinet would meet today to discuss "the road back" from the pandemic.

Morrison suggested that travel to New Zealand is on the cards, but international travel is out of the question.

Data from the Australian Bureau of Statistics showed that Australia's consumer prices rose 0.3 percent on quarter in the first quarter of 2020. That exceeded expectations for an increase of 0.2 percent and was down from 0.7 percent in the three months prior.

On a yearly basis, inflation climbed 2.2 percent - again topping forecasts for 2.0 percent and up from 1.8 percent in Q4.

Data from Statistics New Zealand showed that New Zealand posted a merchandise trade surplus of NZ$672 million in March - up from NZ$594 million in February.

Exports were up 3.8 percent on year, while imports jumped 7.7 percent.

The aussie advanced to a new 7-week high of 0.6547 against the greenback and near an 8-week high of 69.74 against the yen, from its prior lows of 0.6485 and 69.31, respectively. The aussie is seen finding resistance around 0.69 against the greenback and 75.00 against the yen.

The aussie firmed to more than a 2-month high of 1.6579 against the euro and near a 4-month high of 0.9122 against the loonie, after dropping to 1.6680 and 0.9077, respectively in early deals. The aussie is poised to target resistance around 1.60 against the euro and 0.94 against the loonie.

The aussie recovered to 1.0722 against the kiwi, from a 2-day low of 1.0673 seen at 9:30 pm ET. If the aussie rises further, 1.10 is possibly seen as its next resistance level.

Reversing from its early lows of 0.6049 against the greenback, 64.65 against the yen and 1.7879 against the euro, the kiwi spiked up to more than a 2-week high of 0.6117, 9-day high of 65.18 and more than a 7-week high of 1.7735, respectively. The next possible resistance for the kiwi is seen around 0.64 against the greenback, 68.00 against the yen and 1.68 against the euro.

Looking ahead, Eurozone economic sentiment index for April will be out in the European session.

U.S. GDP data for the first quarter and pending home sales for March are due in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 0.25 percent.

For comments and feedback: contact editorial@rttnews.com

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