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Forex News: Australian, New Zealand Dollars Rise On Trade Hopes

Australian, New Zealand Dollars Rise On Trade Hopes

10/09/2019 - 08:11:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars strengthened against their major counterparts in the European session on Wednesday, as sentiment lifted up following a media report that China is prepared to agree a partial trade deal with the U.S to de-escalate the trade war.

According to a report in Bloomberg, China is willing to accept a limited deal, if President Donald Trump do not impose any more tariffs on goods.

In return, China has offered to increase purchases of U.S. agricultural products with an aim to reach an interim agreement.

High-level trade talks between the United States and China are set to begin on Thursday.

Survey results from Westpac showed that Australia's consumer confidence weakened to the lowest level in more than four years in October despite interest rate reductions.

The Westpac-Melbourne Institute Index of Consumer Sentiment dropped to 92.8 in October from 98.2 in September. This was the lowest score since July 2015.

The aussie rose to 0.6750 against the greenback and 72.49 against the yen, from its early 6-day low of 0.6723 and a 2-day low of 71.92, respectively. The next possible resistance for the aussie is seen around 0.71 against the greenback and 76.00 against the yen.

The aussie recovered to 1.6267 against the euro and 1.0686 against the kiwi, from its previous lows of 1.6305 and 1.0667, respectively. On the upside, 1.60 and 1.08 are possibly seen as the next resistance levels for the aussie against the euro and the kiwi, respectively.

Reversing from an early low of 0.8956 against the loonie, the aussie edged higher to 0.8979. The currency is likely to locate resistance around the 0.92 level.

The kiwi strengthened to an 8-day high of 67.90 against the yen, off its early low of 67.34. The kiwi is seen finding resistance around the 69.00 level.

The NZ currency bounced off to 1.7364 against the euro, from an early low of 1.7409. This may be compared to a 5-day high of 1.7356 hit in the Asian session. If the kiwi rallies further, it may find resistance around the 1.70 level.

The kiwi climbed to 0.6325 against the greenback, from a low of 0.6294 hit at 6:00 pm ET. Next immediate resistance for the kiwi is seen around the 0.645 level.

Looking ahead, U.S. wholesale inventories for August are due in the New York session.

At 2:00 pm ET, the Federal Reserve releases minutes from the September 17-18 meeting.

For comments and feedback: contact editorial@rttnews.com

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