Australian, NZ Dollars Climb As China COVID Concerns Reduce
29 November 2022 - 5:03PM
RTTF2
The Australian and NZ dollars climbed against their major
counterparts in the European session on Tuesday, as European shares
rose on hopes that China will ease its stringent COVID curbs
following recent protests in several major cities.
China has suppressed demonstrations against Covid restrictions
that broke out across the country over the weekend.
Chinese regulators removed a ban on equity refinancing for
listed firms to support the property sector.
The latest move would enable developers to access fresh funding
more effortless.
Beijing said it would boost vaccination for the elderly, which
is vital for an eventual economic reopening.
The aussie climbed to 4-day highs of 1.5387 against the euro and
0.6743 against the greenback, from its previous low of 1.5566 and a
6-day low of 0.6640, respectively. The aussie is likely to
challenge resistance around 1.49 against the euro and 0.70 against
the greenback.
The aussie touched more than a 3-month high of 0.9046 against
the loonie, reversing from a 6-day low of 0.8958 seen at 8:25 pm
ET. If the aussie rises further, it may find resistance around the
0.92 level.
The aussie appreciated to 1.5387 against the euro, setting a
4-day high. Immediate resistance for the aussie is likely seen
around the 1.49 level.
The kiwi rose to 0.6244 against the greenback and 86.30 against
the yen, after falling to 0.6159 and near a 2-week low of 85.44,
respectively in prior deals. The next possible resistance for the
kiwi is seen around 0.66 against the greenback and 90.00 against
the yen.
The kiwi rebounded against the aussie, with the pair trading at
1.0776. On the upside, immediate resistance is seen near the 1.06
level.
Against the euro, the kiwi was up at a 4-day high of 1.6614. The
kiwi is seen finding resistance around the 1.62 mark.
Looking ahead, at 8:00 am ET, German preliminary CPI for
November is scheduled for release.
Canada GDP data for September, U.S. consumer confidence index
for November and FHFA's house price index and S&P/Case-Shiller
home price index for September will be out in the New York
session.
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