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Forex News: NZ Dollar Appreciates Amid China Reopening Signals

NZ Dollar Appreciates Amid China Reopening Signals

12/05/2022 - 03:36:00 (RTTNews)

(RTTNews) - The NZ dollar climbed against its major counterparts in the Asian session on Monday, as investors bet on a gradual reopening of Chinese economy following a relaxation of travel restrictions in more cities.

China's financial hub Shanghai removed testing requirements for public transportation and entry to public venues effective today.

Zhengzhou city, which home to the world's largest iPhone factory, also ended testing requirements to use public transportation and enter other public venues.

Oil prices climbed OPEC+ nations reaffirmed their output targets.

An EU embargo on seaborne Russian oil will likely take effect today after the Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel.

The kiwi approached 0.6443 against the greenback, its highest level since August 15. Next key resistance for the kiwi is seen around the 0.66 level.

The kiwi rose to 86.69 against the yen, setting a 4-day high. The currency is seen finding resistance around the 87.5 level.

The kiwi rebounded to 1.0612 against the aussie, from a low of 1.0648 hit at 10:05 pm ET. The kiwi may test resistance around the 1.05 level, if it rises again.

Against the euro, the kiwi reached as high as 1.6422. If the kiwi extends rise, 1.62 is possibly seen as its next resistance level.

Looking ahead, PMI reports from major European economies and Eurozone retail sales for October are due in the European session.

U.S. factory orders for October and ISM non-manufacturing PMI for November, as well as Canada building permits for October will be released in the New York session.

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