Australian, New Zealand Dollars Advance Against Majors
27 November 2018 - 2:24PM
RTTF2
The Australian and New Zealand dollars climbed against their
major counterparts in the Asian session on Tuesday, as most Asian
shares rose ahead of a meeting between U.S. President Donald Trump
and Chinese President Xi Jinping on the sidelines of the G20 summit
later week.
The meeting scheduled to held in Buenos Aires is pivotal moment
for the global economy, as investors await whether negotiations
would dissipate trade tensions between the two sides.
That said, underlying sentiment remained cautious on U.S.-China
trade tensions after U.S. President Donald Trump said in an
interview with the Wall Street Journal that it was "highly
unlikely" he would delay an increase in tariffs on Chinese goods to
25 percent from 10 percent.
Data from Statistics New Zealand showed that New Zealand logged
a merchandise trade deficit of NZ$1.295 billion in October,
representing 27 percent of exports.
That missed expectations for a shortfall of NZ$850 million
following the NZ$1.560 billion deficit in September.
The aussie rose to 0.7240 against the greenback and 82.16
against the yen, from its early lows of 0.7213 and 81.83,
respectively. If the aussie rises further, 0.74 and 84.00 are
likely seen as its next resistance levels against the greenback and
the yen.
The aussie climbed to a 6-day high of 0.9623 against the loonie
and an 8-day high of 1.5597 against the euro, off its previous low
of 0.9556 and a 4-day low of 1.5705, respectively. The aussie is
likely to find resistance around 0.98 against the loonie and 1.54
against the euro.
Reversing from an early low of 1.0652 against the kiwi, the
aussie edged up to 1.0691. The next possible resistance for the
aussie is seen around the 1.08 mark.
The kiwi strengthened to 0.6800 against the greenback, off its
early low of 0.6754. On the upside, 0.69 is possibly seen as the
next resistance level for the kiwi.
The kiwi appreciated to 5-day highs of 77.24 versus the yen and
1.6671 against the euro, reversing from its early lows of 76.61 and
1.6774, respectively. The kiwi is poised to find resistance around
79.00 versus the yen and 1.64 against the euro.
Looking ahead, U.S. consumer confidence for November, Federal
Housing finance agency's house price index and S&P Case-Shiller
home price index for September are due in the New York session.
At 2:30 pm ET, Atlanta Fed President Raphael Bostic will
participate in a panel discussion about the economy, regulation,
financial innovation, and the future of payments at The Clearing
House and Bank Policy Institute's Annual Conference in New
York.
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