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Forex News: New Zealand Dollar Advances On Rising Risk Appetite

New Zealand Dollar Advances On Rising Risk Appetite

06/02/2020 - 03:05:00 (RTTNews)

(RTTNews) - The New Zealand dollar spiked up against its major counterparts in the Asian session on Tuesday amid rising risk appetite, as investors focused on reopening of the world's economies.

Hopes for a global coronavirus recovery helped offset fears about U.S.-China tensions and political unrest in the U.S.

Reports indicated China has told state-owned firms to halt purchases of some U.S. farm goods amid tensions over Hong Kong.

Data from Statistics New Zealand showed that New Zealand building permits dropped a seasonally adjusted 6.5 percent on month in April - coming in at 2,168 consents.

That follows the downwardly revised 22.0 percent fall in April.

Separate data showed that New Zealand's terms of trade shed a seasonally adjusted 0.7 percent on quarter in the first three months of 2020.

That missed expectations for an increase of 1.3 percent following the 2.6 percent gain in the three months prior.

The kiwi advanced to a 6-day high of 1.7656 against the euro and held steady thereafter. The kiwi is likely to locate resistance around the 1.74 level.

The kiwi jumped to 0.6307 against the greenback, its strongest level since March 11. Next immediate resistance for the kiwi is seen around the 0.65 level.

The kiwi gained to near a 3-month high of 67.85 against the yen, from a low of 67.52 hit at 7:55 pm ET. The kiwi is seen finding resistance around the 70.00 mark.

In contrast, the kiwi dipped to 1.0828 against the aussie, setting a 2-week low. If the currency falls further, it may find support around the 1.10 level.

Looking ahead, Swiss SVME manufacturing PMI for May and U.K. mortgage approvals for April are due out in the European session.

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