Australian, NZ Dollars Advance On Strong Oil Prices
06 Octobre 2022 - 05:39AM
RTTF2
The Australian and NZ dollars climbed against their major
counterparts in the Asian session on Thursday, as a steep reduction
in output by the Organization of the Petroleum Exporting Countries
and allies lifted oil prices.
OPEC and their allies, known as OPEC+, decided to slash
production by 2 million barrels per day next month, the most since
2020.
The move came despite pressure from the U.S. to pump more oil to
cool down prices.
Strong U.S. ISM services PMI data and ADP private sector jobs
report fuelled uncertainty over the Federal Reserve's monetary
policy stance.
U.S. non-farm payrolls data due on Friday could offer more clues
on the Fed's rate hike trajectory in the future.
Data from the Australian Bureau of Statistics showed that
Australia posted a seasonally adjusted merchandise trade deficit of
A$8.324 billion in August.
That was shy of expectations for a surplus of A$10.1 billion and
was down from the upwardly revised A$8.967 billion surplus in July
(originally A$8.733 billion).
The aussie appreciated to 2-day highs of 0.6541 against the
greenback and 94.53 against the yen, from its early lows of 0.6484
and 93.75, respectively. The next possible resistance for the
aussie is seen around 0.70 against the greenback and 96.00 against
the yen.
The aussie touched 2-day highs of 1.5168 against the euro and
0.8877 against the loonie, up from its prior lows of 1.5237 and
0.8816, respectively. The aussie is likely to face resistance
around 1.50 against the euro and 0.90 against the loonie.
The kiwi climbed to near a 2-week high of 0.5814 against the
greenback and a 2-week high of 84.01 against the yen, after falling
to 0.5734 and 82.91, respectively earlier in the session. The kiwi
is seen finding resistance around 0.645 against the greenback and
85.5 against the yen.
The kiwi approached 1.7071 against the euro, its highest level
in a week. On the upside, 1.68 is likely seen as the next
resistance level.
The kiwi edged up to 1.1245 against the aussie, from a low of
1.1307 seen at 6:45 pm ET. The kiwi may test resistance around the
1.10 level, if it rises again.
Looking ahead, German and U.K. construction PMIs for September,
as well as Eurozone retail sales for August will be released in the
European session.
The European Central Bank publishes the account of the monetary
policy meeting of the Governing Council held on September 7-8 at
7:30 am ET.
U.S. weekly jobless claims for the week ended October 1 and
Canada Ivey PMI for September are set for release in the New York
session.
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