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Forex News: Australian, NZ Dollars Higher After China Data

Australian, NZ Dollars Higher After China Data

09/09/2020 - 07:42:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars appreciated against their major counterparts in the European session on Wednesday, as China's consumer price index matched forecasts in August.

Data from the National Bureau of Statistics showed that the CPI rose 0.4 percent month-on-month in August versus 0.6 percent gain in July. The rate came in line with expectations.

On an annual basis, the CPI grew 2.4 percent in August, compared to a 2.7 percent increase in July.

Producer prices decreased at a pace of 2 percent on a yearly basis in August, as expected, following a 2.4 percent drop in the previous month.

European stocks rose despite fears about AstraZeneca's halt in its vaccine trials.

The company said it is investigating whether a patient's reported side effect is related to the vaccine, known as AZD1222.

Survey data from Westpac showed that Australia's consumer sentiment strengthened in September even though the economy plunged into its first recession since 1992.

The Westpac-Melbourne Institute Index of Consumer Sentiment climbed 18 percent to 93.8 in September from 79.5 in August.

The aussie advanced to 0.7242 against the greenback, 76.86 versus the yen and 1.6239 against the euro, off its early a 2-week low of 0.7192, fresh 2-week low of 76.11 and near a 2-week low of 1.6354, respectively. The next possible resistance for the aussie is seen around 0.75 against the greenback, 78.00 versus the yen and 1.58 against the euro. The aussie touched a 6-day high of 0.9576 versus the loonie, up from a low of 0.9531 hit at 5:45 pm ET. The aussie is seen finding resistance around the 0.98 level.

The kiwi gained to 70.47 versus the yen, 0.6642 versus the greenback and 1.7704 against the euro, after falling to a 2-week low of 69.87 and near 2-week lows of 0.6601 and 1.7816, respectively in prior deals. The kiwi is likely to find resistance around 72.00 versus the yen, 0.68 versus the greenback and 1.74 against the euro.

The kiwi recovered to 1.0890 against the aussie, from a low of 1.0914 set at 5:15 am ET. If the kiwi continues its rise, 1.06 is possibly seen as its next resistance level.

Looking ahead, Canada housing starts data for August is set for release at 8:15 am ET.

At 10:00 am ET, the Bank of Canada announces decision on interest rates. Economists forecast the benchmark rate to remain at 0.25 percent.

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