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Forex News: NZ Dollar Higher Against Majors

NZ Dollar Higher Against Majors

11/06/2020 - 03:28:00 (RTTNews)

(RTTNews) - The NZ dollar appreciated against its major counterparts in the Asian session on Friday, as investors awaited the latest news about the U.S. presidential election.

Democratic candidate Joe Biden has narrowed the gap against President Donald Trump in Pennsylvania and Georgia, and expanded his lead in Nevada.

Although Biden has inched closer to the White House, the final outcome is uncertain.

The Trump team has launched a series of lawsuits as vote counting across battleground states showed Biden moving closer to the U.S. leadership.

Investors bet on a divided government with Biden as President and Republicans controlling the Senate. Such an outcome would limit major policy changes and keep the status quo on economic policies.

The U.S. non-farm payrolls report for October is due out later in the day.

Employment is expected to increase by about 600,000 jobs in the month after an increase of 661,000 jobs in September. The unemployment rate is expected to edge down to 7.7 percent from 7.9 percent.

The kiwi strengthened to 0.6798 against the greenback, its biggest level since September 18. The kiwi is seen finding resistance around the 0.70 region.

The kiwi hit a 2-day high of 70.35 against the yen, compared to Thursday's closing value of 69.87. The kiwi may locate resistance around the 72.00 level.

The kiwi jumped to a 3-1/2-month high of 1.7404 against the euro and held steady thereafter. The kiwi is poised to challenge resistance around the 1.70 mark.

The NZ currency edged up to 1.0700 against the aussie, from a low of 1.0754 set at 5:00 pm ET. The kiwi is likely to face resistance around the 1.03 region, if it gains again.

Looking ahead, U.K. Halifax house prices for October are due out in the European session.

The U.S and Canadian jobs data for October, U.S. wholesale inventories and consumer credit for September and Canada Ivey PMI for October are set for release in the New York session.

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