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Forex News: NZ, Canadian Dollars Rise On Recovery Hopes

NZ, Canadian Dollars Rise On Recovery Hopes

06/25/2021 - 03:43:00 (RTTNews)

(RTTNews) - The New Zealand and Canadian dollars appreciated against their major rivals in the Asian session on Friday, as Asian markets rose following an overnight rally on Wall Street, as U.S. senators reached reached an agreement on the infrastructure spending bill worth $579 billion.

The agreement proposes spending to rebuild roads, bridges and other traditional infrastructure over the next five years.

The bipartisan deal is expected to move through Congress, along with a separate bill on infrastructure plan backed by Democrats.

Overnight data showing a fall in U.S. jobless claims and a surge in durable goods orders boosted optimism about the strengthening of the economy.

Investors await report on personal income and spending, which includes personal consumption expenditure price index, the Fed's preferred gauge of inflation.

Data from Statistics New Zealand showed that New Zealand recorded a merchandise trade surplus of NZ$469 million in May.

That was up from the upwardly revised NZ$414 million surplus in April (originally NZ$388 million).

The kiwi touched 8-day highs of 78.46 against the yen and 0.7082 against the greenback, up from its early lows of 78.20 and 0.7055, respectively. The kiwi is seen finding resistance around 80.00 against the yen and 0.72 against the greenback.

The kiwi recovered from its prior lows of 1.6901 against the euro and 1.0743 against the aussie, rising to more than 2-week highs of 1.6866 and 1.0726, respectively. The next possible resistance for the kiwi is seen around 1.6 against the euro and 1.06 against the aussie.

The loonie edged up to 1.2301 against the greenback, 1.4693 against the euro and 90.07 against the yen, off its prior lows of 1.2330, 1.4715 and 89.89, respectively. On the upside, 1.21, 1.44 and 92 are likely seen as its next resistance levels against the greenback, the euro and the yen, respectively.

The loonie recovered to 0.9342 against the aussie, from a 4-day low of 0.9355 seen earlier in the session. The loonie may test resistance around the 0.92 region.

Looking ahead, U.S. personal income and spending data and personal consumption expenditure price index for May, as well as University of Michigan's final consumer sentiment index for June are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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