Australian, NZ Dollars Climb Amid Risk Appetite
30 August 2022 - 07:35PM
RTTF2
The Australian and NZ dollars strengthened against their major
counterparts in the European session on Tuesday, as European shares
rose and China promised more stimulus measures to support the
economy.
China's finance ministry said that Beijing would step up
measures to boost demand and stabilize employment and prices in the
second half of the year.
Premier Li Keqiang said that Beijing has rolled out more
economic support policies this year than it did in 2020 and the
extent of the stimulus has been "reasonable" and "appropriate."
European shares advanced on bargain hunting following a sell-off
in the wake of Federal Reserve Chair Jerome Powell's Jackson Hole
speech.
Banking shares rallied on expectations that they would benefit
from higher interest rates.
The aussie advanced to 4-day highs of 0.6956 against the
greenback and 1.1250 against the kiwi, off an early low of 0.6873
and a 4-day low of 1.1199, respectively. The aussie is seen finding
resistance around 0.71 against the greenback and 1.14 against the
kiwi.
Reversing from its early lows of 1.4535 against the euro and
0.8951 against the loonie, the aussie firmed to 4-day highs of
1.4419 and 0.9026, respectively. The currency is likely to find
resistance around 1.42 against the euro and 0.92 against the
loonie.
The aussie touched 96.20 against the yen, its strongest level
since June 9. If the currency rises further, it may find resistance
around the 98.00 level.
The kiwi reversed from its early lows of 0.6131 against the
greenback and 1.6286 against the euro and rose to 4-day highs of
0.6194 and 1.6185, respectively. The kiwi is poised to find
resistance around 0.64 against the greenback and 1.59 against the
euro.
The kiwi appreciated to 85.66 against the yen, setting a fresh
2-week high. Next key resistance for the kiwi is seen around the
87.00 area.
Looking ahead, U.S. consumer confidence for August is set for
release in the New York session.
AUD vs NZD (FX:AUDNZD)
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AUD vs NZD (FX:AUDNZD)
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