Forex News: Commodity Currencies Rise As Trump Delays EU Tariffs

Commodity Currencies Rise As Trump Delays EU Tariffs

(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Monday, after U.S. President Donald Trump extended a deadline for EU trade deal until 9 July, following a call with European Commission president.

Earlier, Trump had threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st, claiming talks with the bloc are "going nowhere."

Trading volumes are likely to remain thin amid the Memorial Day holiday in the U.S.

In the Asian trading today, the Australian dollar rose to 6-day highs of 1.7465 against the euro and 93.07 against the yen, from Friday's closing quotes of 1.7500 and 92.59, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.72 against the euro and 96.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie advanced to a 6-month high of 0.6538 and a 5-day high of 0.8951 from last week's closing quotes of 0.6495 and 0.8923, respectively. The aussie may test resistance around 0.677 against the greenback and 0.90 against the loonie.

The NZ dollar rose to nearly a 7-month high of 0.6032 against the U.S. dollar, nearly a 2-week high of 1.8925 against the euro and a 6-day high of 85.86 against the yen, from Friday's closing quotes of 0.5990, 1.8975 and 85.39, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback, 1.87 against the euro and 87.00 against the yen.

Against the Australian dollar, the kiwi edged up to 1.0825 from last week's closing value of 1.0843. On the upside, 1.07 is seen as the next resistance level for the kiwi.

The Canadian dollar rose to nearly a 8-month high of 1.3690 against the U.S. dollar and a 6-day high of 104.18 against the yen, from last week's closing quotes of 1.3740 and 103.77, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.34 against the greenback and 106.00 against the yen.

Against the euro, the loonie edged up to 1.5619 from a recent low of 1.5638. On the upside, 1.54 is seen as the next resistance level for the loonie.

Looking ahead, Canada manufacturing sales data for April is due to be released at 8:30 am ET in the New York session.

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