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Forex News: NZ Dollar Advances Amid Rising Risk Appetite

NZ Dollar Advances Amid Rising Risk Appetite

01/13/2021 - 02:14:00 (RTTNews)

(RTTNews) - The NZ dollar strengthened against its major rivals in the Asian session on Wednesday, as the rollout of coronavirus vaccines and the prospect of additional U.S. fiscal stimulus raised hopes of economic recovery.

Investors bet that a Democratic controlled U.S. Senate would pursue larger relief measures to support the virus-hit economy.

Recent comments from Federal Reserve officials diminished worries about the tapering on purchases of government and mortgage-backed securities.

On Tuesday, St. Louis President James Bullard and Boston Fed chief Eric Rosengren said that the central bank is in no rush to start winding down its bond-buying programme in the wake of the economic fallout from the virus.

Oil prices rose amid a weak dollar and as API data showed a larger-than-expected decline in U.S. crude inventories last week.

Investors focus on developments in Washington, where Democrats will vote later today to impeach President Donald Trump over protests in the U.S. Capitol.

The kiwi climbed to 1.0737 versus the aussie, after falling to 1.0761 at 7:30 pm ET. If the kiwi continues its rise, 1.04 is possibly seen as its next resistance level.

The kiwi spiked up to a 2-day high of 1.6873 against the euro and a 5-day high of 0.7240 against the greenback from Tuesday's closing values of 1.6892 and 0.7212, respectively. The next possible resistance for the kiwi is seen around 1.66 against the euro and 0.70 against the greenback.

The NZ currency reached as high as 75.02 against the yen, compared to yesterday's close of 74.84. If the kiwi continues its rise, 76.00 is possibly seen as its next resistance level.

Looking ahead, Eurozone industrial production for November is due in the European session.

U.S. CPI and monthly budget statement for December, as well as Fed Beige book report are scheduled for release in the New York session.

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