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Forex News: Australian, NZ Dollars Higher On Solid China Data

Australian, NZ Dollars Higher On Solid China Data

03/01/2023 - 05:03:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Wednesday, as strong factory activity data out of China lifted risk sentiment.

China's official manufacturing Purchasing Managers' Index rose to 52.6 from 50.1 in January, smashing expectations after the country abruptly lifted COVID-19 curbs.

China's nonmanufacturing activity also grew at a faster pace in February and the private sector index from Caixin/S&P showed factory activity rising for the first time in seven months, helping ease investor fears over rising interest rates.

Data from the Australian Bureau of Statistics showed that Australia's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the fourth quarter of 2022.

This was shy of expectation for an increase of 0.8 percent and down from the upwardly revised 0.7 percent gain in the previous three months (originally 0.6 percent).

The aussie advanced to a 2-day high of 1.5669 against the euro and a 5-day high of 0.9209 against the loonie, from its early lows of 1.5783 and 0.9143, respectively. The aussie is seen facing resistance around 1.53 against the euro and 0.94 against the loonie.

The aussie appreciated to a 6-day high of 92.22 against the yen and 5-day high of 0.6772 against the greenback, reversing from its early more than 2-week low of 91.27 and near a 2-month low of 0.6694, respectively. The aussie may find resistance around 94.00 against the yen and 0.70 against the greenback.

The kiwi rose to a 6-day high of 0.6251 against the greenback and a 5-day high of 1.7014 against the euro, off its early lows of 0.6165 and 1.7137, respectively. The currency is seen finding resistance around 0.645 against the greenback and 1.66 against the euro.

The kiwi firmed to more than a 2-month high of 84.99 against the yen and a 5-week high of 1.0822 against the aussie, up from its prior lows of 84.09 and 1.0888, respectively. Next immediate resistance for the currency is seen around 88.00 against the yen and 1.06 against the aussie.

Looking ahead, at 8.00 am ET, Germany's flash consumer and harmonized prices for February are due.

U.S. ISM manufacturing PMI for February and construction spending for January are set for release in the New York session.

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