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Forex News: Commodity Currencies Rise On Soaring Oil Prices

Commodity Currencies Rise On Soaring Oil Prices

01/08/2020 - 02:37:00 (RTTNews)

(RTTNews) - The commodity currencies such as Australian, New Zealand and Canadian dollars climbed against their major opponents in the Asian session on Wednesday, as oil prices rose after Iran's missile attack aimed at U.S. troops in Iraq.

The Pentagon confirmed that Iran fired a dozen ballistic missiles against U.S. military and coalition forces in Iraq.

The U.S. military bases at Al-Assad and Irbil in Iraq had been hit by the drone strike.

The attack, in retaliation for the U.S. airstrike last week that killed top Iranian military commander Qasem Soleimani, has raised fears of a wider conflict in the Middle East.

Oil prices soared more than 4 percent on fresh tensions in the Middle East.

In economic releases, data from the Australian Bureau of Statistics showed that Australia's building permits rose a seasonally adjusted 11.8 percent in November - coming in at 14,675.

That beat forecasts for an increase of 2.0 percent following the 7.9 percent drop in October.

The construction sector in Australia continued to contract in December, and at a faster rate, with a six-and-a-half-year low PMI score of 38.9, according to the latest survey by the Australian Industry Group.

That's down from 40 in November and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The aussie rose to 0.6884 against the greenback and 74.64 against the yen, from its early near a 3-week low of 0.6850 and a 1-1/2-month low of 73.76, respectively. The next possible resistance for the aussie is seen around 0.70 against the greenback and 76.5 against the yen.

The Australian currency gained to 1.6210 against the euro and 0.8935 against the loonie, off its early more than a 3-week low of 1.6294 and a 2-1/2-month low of 0.8904, respectively. If the aussie rises further, 1.58 and 0.91 are likely seen as its next resistance levels versus the euro and the loonie, respectively.

The kiwi reversed from its early more than a 2-week low of 0.6618 against the greenback and a 4-week low of 71.25 against the yen, rising to 0.6652 and 72.12, respectively. The kiwi is seen finding resistance around 0.68 against the greenback and 73.00 against the yen.

The NZ currency appreciated to 1.6773 against the euro, from an early near 3-week low of 1.6867. The kiwi is poised to find resistance around the 1.66 level.

The kiwi rose back to 1.0338 against the aussie, nearing towards a 5-month high of 1.0332 seen at 6:30 pm ET. On the upside, 1.02 is likely seen as its next resistance level.

The loonie advanced to 1.2980 against the greenback and 83.55 against the yen, coming off from its early low of 1.3007 and near a 4-week low of 82.80, respectively. Next key resistance for the loonie is seen around 1.28 against the greenback and 86.00 against the yen.

The loonie climbed to a 5-day high of 1.4471 against the euro, off an early low of 1.4520. The loonie may test resistance around the 1.42 area.

Looking ahead, Eurozone economic sentiment index for December will be released in the European session.

At 8:15 am ET, ADP private payrolls data for December is set for release.

The U.S. consumer credit for November is due out in the New York session.

For comments and feedback: contact editorial@rttnews.com

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