Australian, NZ Dollars Higher On Stimulus Hopes
27 Juli 2020 - 5:33AM
RTTF2
The Australian and NZ dollars moved up against their major
counterparts in the Asian session on Monday amid rising risk
appetite, as invested awaited U.S. stimulus package to prop up the
economy hurt by the COVID-19 pandemic.
U.S. Treasury Secretary Steve Mnuchin said that Republicans have
finalized a bill worth about $1 trillion in coronavirus relief
funds.
Senate Republicans are proposing a package that will contain
extended unemployment benefits with 70 percent "wage
replacement".
Also soothing sentiment, data out of China showed profits at the
country's industrial firms rose for a second straight month and at
the fastest pace in over a year, adding to signs of economic
recovery.
The aussie climbed to 4-day highs of 0.7146 against the
greenback and 0.9557 against the loonie, after falling to 0.7083
and 0.9505, respectively in early deals. The currency is likely to
find resistance around 0.73 against the greenback and 0.98 against
the loonie.
The aussie edged up to 75.43 against the yen, from an early low
of 75.07, and held steady thereafter. The aussie is seen finding
resistance around the 78.00 level.
The aussie recovered to 1.6391 against the euro, from a 4-week
low of 1.6436 hit earlier in the session. If the aussie rises
further, 1.62 is possibly seen as its next resistance level.
The kiwi appreciated to a 4-day high of 0.6682 against the
greenback, from a low of 0.6624 seen at 5:05 pm ET. Should the kiwi
rises further, 0.68 is likely seen as its next resistance
level.
Reversing from an early low of 70.24, the kiwi gained to 70.55
against the yen. Next key resistance for the kiwi is seen around
the 72.00 area.
The kiwi bounced off to 1.7521 against the euro, from a 4-week
low of 1.7572 registered earlier in the session. On the upside,
1.70 is likely seen as the next resistance level for the kiwi.
After dropping to 1.0699 at 10:50 pm ET, the kiwi rose back to
1.0682 versus the aussie. The kiwi is poised to find resistance
around the 1.045 level.
Looking ahead, German Ifo business sentiment index for July is
due in the European session.
In the New York session, U.S. durable goods orders for June are
scheduled for release.
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