NZ Dollar Climbs Amid Rising Risk Appetite

09.07.2020 07:28 (UTC +0)

The NZ dollar advanced against its most major counterparts in the Asian session on Thursday, as Asian stock markets followed Wall Street higher on hopes of economic recovery.

Investors looked past simmering Sino-U.S. tensions and focused on upcoming company earnings.

Chinese equities outperformed after data showed the country's month-on-month consumer inflation rose for the first time in four months in June. Producer prices fell for the fifth consecutive month but at a slower-than-expected rate.

Meanwhile, the U.S. coronavirus infections topped 3 million, with some states reversing plans to allow restaurants and other businesses to reopen.

The kiwi strengthened to 0.6590 against the greenback, its strongest level since January 27. Next key resistance for the currency is seen around the 0.68 area.

The kiwi hit a 2-day high of 70.69 against the yen, compared to Wednesday's closing value of 70.52. The currency is likely to find resistance around the 74.00 level.

The kiwi recovered to 1.0609 against the aussie, from a 2-day low of 1.0629 seen at 8:30 pm ET. The currency is seen finding resistance around the 1.03 level.

In contrast, the kiwi fell against the euro and was trading at 1.7240. At yesterday's close, the pair was worth 1.7231.

Looking ahead, Canada housing starts for June are scheduled for release at 8:15 am ET.

U.S. weekly jobless claims for the week ended July 4 and wholesale inventories for May will be out in the New York session.

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