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Forex News: NZ Dollar Appreciates Amid Strong Jobs Data, Stimulus

NZ Dollar Appreciates Amid Strong Jobs Data, Stimulus Optimism

02/03/2021 - 02:35:00 (RTTNews)

(RTTNews) - The NZ dollar climbed against its major counterparts in the Asian session on Wednesday, as strong domestic jobs data diminished hopes of a rate reduction by the Reserve Bank of New Zealand.

Data from Statistics New Zealand showed that New Zealand jobless rate fell to 4.9 percent in the fourth quarter of 2020.

That was beneath expectations for 5.6 percent and down from 5.3 percent in the three months prior.

The employment change showed a 0.6 percent increase, exceeding forecasts for a flat reading following the 0.8 percent decline in the previous three months.

Further underpinning the currency was improved risk sentiment, as virus vaccination drive gathered pace and U.S. stimulus hopes intensified.

Investors cheered signs of progress on the stimulus package, as Senate Democrats voted to begin the budget reconciliation process on Tuesday.

The move enables the Democrats to push through the aid package on their own, without any Republican support.

The kiwi firmed to 1.6673 against the euro for the first time since January 2020. If the kiwi continues its rise, 1.62 is possibly seen as its next resistance level.

The kiwi reached as high as 0.7226 against the greenback, setting a 5-day high. The kiwi is likely to find resistance around the 0.74 level.

The NZ currency spiked up to near a 2-year high of 75.85 against the yen and near a 2-month high of 1.0541 against the aussie, up from Tuesday's closing values of 75.48 and 1.0574, respectively. The next possible resistance for the kiwi is seen around 78.00 against the yen and 1.03 against the aussie.

Looking ahead, PMI reports from major European economies and Eurozone flash CPI for January and PPI for December are due in the European session. U.S. ADP private payrolls data for January is scheduled for release at 8:15 am ET.

The U.S. ISM non-manufacturing PMI for January will be released in the New York session.

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