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Forex News: Australian, NZ Dollars Higher On Rising Oil Prices

Australian, NZ Dollars Higher On Rising Oil Prices

05/18/2020 - 03:44:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars strengthened against their major counterparts in the Asian session on Monday, as oil prices rose on indications of a gradual recovery in demand amid easing coronavirus restrictions across the globe.

Risk sentiment improved after U.S. Federal Reserve Chairman Jerome Powell gave an optimistic outlook for economic recovery later this year.

"Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year," Powell said in an interview with CBS.

Italy and Spain are set to further ease their coronavirus lockdown restrictions from today.

Further underpinning oil prices were production cuts by the Organization of the Petroleum Exporting Countries and its allies.

Last week, Saudi Arabia decided to cut an additional 1 million barrels of oil per day in June, while OPEC+ is determined to maintain existing oil cuts beyond June, when the group is due to meet again.

The kiwi rose to 0.5962 against the greenback, 63.86 against the yen and 1.8158 against the euro, from its early lows of 0.5924, 63.46 and 1.8258, respectively. The kiwi is poised to find resistance around 0.62 against the greenback, 65.00 against the yen and 1.70 against the euro.

The kiwi recovered to 1.0803 against the aussie, from more than a 6-month low of 1.0829 hit at 8:00 pm ET. The next likely resistance for the kiwi is seen around the 1.06 level.

Reversing from its early lows of 0.6410 against the greenback and 68.65 against the yen, the aussie edged higher to 0.6453 and 69.12, respectively. The aussie is seen finding resistance around 0.69 against the greenback and 72.5 against the yen.

The aussie appreciated to 1.6868 against the euro and 0.9077 against the loonie, after falling to 1.6776 and 0.9044, respectively. On the upside, 1.74 and 0.92 are possibly seen as the next resistance levels for the aussie against the euro and the loonie, respectively.

Looking ahead, U.S. NAHB housing market index for May is due out in the New York session.

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