Forex markets

Press releases

Australian dollar and New Zealand dollar showed growth

Australian dollar and New Zealand dollar showed growth
The Australian dollar and New Zealand dollar edged up against their major counterparts in the Asian session on Tuesday. Fears about inflation have receded after comments from Fed officials indicating continued support for the policy and seeing the rise in inflation as temporary.
Most Asian stock markets were up, following broadly positive signals from Wall Street overnight. Fed officials noted the decline in inflationary risks and described recent supply and demand disruptions as temporary.

Fed officials Lael Brainard, Raphael Bostic and James Bullard suggested that supply disruptions could push prices higher in the coming months, but the surge should be temporary.
Australian dollar and New Zealand dollar showed growth

Australian dollar and New Zealand dollar showed growth

Treasury yields were stable after declining amid comments from the Fed.

Data from Statistics New Zealand showed that retail sales in New Zealand rose at a seasonally adjusted 2.5% in the first quarter of 2021, following an upwardly revised 2.6% decline three months earlier (an initial decline of 2 , 7%).

On an annualized basis, sales were up 6.8%, compared with 4.8% growth in the three months prior.
The Australian dollar climbed to 4-day highs of 0.7776 against the greenback and 84.47 against the yen, after falling to 0.7746 and 84.25, respectively, in early trading. The next possible resistance for the Aussie is seen at 0.80 against the US dollar and 86.00 against the yen.

Reversing from its early lows of 1.5780 against the euro and 0.9332 against the Canadian dollar, the Australian dollar rose to 4-day highs of 1.5740 and 0.9359, respectively. If the Australian dollar continues to rally, it may find resistance in the 1.54 region against the euro and 0.96 against the Canadian dollar.
The aussie rebounded from an early 8-day low of 1.0732 against the NZ dollar and climbed to 1.0751. The Australian dollar is likely to meet resistance around 1.09.

The New Zealand dollar rose to 4-day highs of 1.6905 against the euro and 6-day highs of 0.7240 against the US dollar and 78.69 against the yen, up from previous lows of 1.6952, 0.7203 and 78.32, respectively. The New Zealand dollar may face resistance at 1.66 against the euro, 0.74 against the US dollar and 80.00 against the yen.

Germany is expected to publish data for May on the Ifo business sentiment index.
US May Consumer Confidence, April New Home Sales, FHFA House Price Index and S & P / Case-Shiller House Price Index for March will be released during the American trading session.

Additional support for the euro is provided by the fact that some members of the ECB allow early winding down of QE. And although the head of the European Central Bank Christine Lagarde opposed hasty decisions in this direction, a certain uncorrelation with the Fed regarding the prospects for tightening monetary policy parameters allows the eur / usd bulls to conquer new price heights.

Author’s Posts

Image

Download Our Mobile App

Image
Image