NZ Dollar Appreciates Amid China Reopening Signals
05 December 2022 - 02:36PM
RTTF2
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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