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Forex News: Australian, NZ Dollars Higher As Virus Restrictions Ease

Australian, NZ Dollars Higher As Virus Restrictions Ease

05/11/2020 - 03:25:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars strengthened against their major counterparts in the Asian session on Monday, as optimism over loosening lockdowns in more economies and easing tensions between China and the United States boosted demand for high-yielding assets.

Sentiment lifted up after France, Italy and the U.K. reported the fewest coronavirus deaths since March, and the People's Bank of China pledged "more powerful" policies to support economic recovery and job creation.

U.K. Prime Minister Boris Johnson on Sunday announced a phased plan to ease a nationwide coronavirus lockdown starting this week amid growing demand from his own MPs to get the economy moving again.

Survey from ANZ showed that New Zealand business confidence improved strongly in May as the economy emerges from lockdown.

The business confidence index surged 21 points to -45.6 in May from -66.6 in April.

The aussie advanced to near 2-week highs of 0.6561 versus the greenback and 70.15 versus the yen, from its early lows of 0.6515 and 69.47, respectively. The next possible resistance for the aussie is seen around 0.70 versus the greenback and 73.00 versus the yen.

The aussie appreciated to a 4-day high of 0.9124 versus the loonie and a 2-1/2-month high of 1.6533 versus the euro, off its early lows of 0.9082 and 1.6627, respectively. Next key resistance for the aussie is seen around 0.94 versus the loonie and 1.60 versus the euro.

The aussie rebounded to 1.0671 versus the kiwi, from a 5-day low of 1.0619 hit earlier in the session. On the upside, 1.08 is possibly seen as the next resistance for the aussie.

The kiwi firmed to a 2-1/2-month high of 1.7601 versus the euro, near 2-week highs of 0.6156 versus the greenback and 65.80 versus the yen, reversing from its early lows of 1.7688, 0.6123 and 65.34, respectively. The kiwi is likely to find resistance around 1.70 versus the euro, 0.64 versus the greenback and 70.00 versus the yen.

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