Commodity Currencies Rise As Asian Shares Rebound On Tempered Middle East Fears
April 22 2024 - 1:07AM
RTTF2
Commodity currencies such as Australia, the New Zealand and the
Canadian dollars strengthened against their major currencies in the
Asian session on Monday amid risk appetite, as fears of a wider
conflict in the Middle East ebbed.
Investors gravitated back towards riskier assets after Iran
played down Israel's reported retaliatory attacks on its soil.
Meanwhile, a continued drop in oil prices on growth concerns and
signs of rising inventory in the United States helped ease investor
concerns surrounding inflation and interest rates.
In the Asian trading today, the Australian dollar rose to a
1-week high of 99.83 against the yen and a 6-day high of 1.6530
against the euro, from Friday's closing quotes of 99.23 and 1.6598,
respectively. The aussie may test resistance near 101.00 against
the yen and 1.63 against the euro.
Against the U.S. and the Canadian dollars, the aussie advanced
to 4-day highs of 0.6455 and 0.8855 from last week's closing quotes
of 0.6417 and 0.8825, respectively. On the upside, 0.66 against the
greenback and 0.89 against the loonie are seen as the next
resistance level for the aussie.
The aussie edged up to 1.0907 against the NZ dollar, from
Friday's closing value of 1.0887. The next possible upside target
level for the aussie is seen around the 1.10 region.
The NZ dollar rose to nearly a 2-week high of 91.69 against the
yen, from Friday's closing value of 91.08. The kiwi is likely to
find its resistance level around the 92.00 region.
Against the U.S. dollar and the euro, the kiwi advanced to 4-day
highs of 0.5929 and 1.7997 from last week's closing quotes of
0.5890 and 1.8076, respectively. If the kiwi extends its uptrend,
it is likely to find resistance around 0.61 against the greenback
and 1.78 against the euro.
The Canadian dollar rose to a 16-year high of 112.80 against the
yen, from Friday's closing value of 112.39. The loonie may test
resistance around the 114.00 region.
Against the U.S. dollar and the euro, the loonie advanced to a
2-week high of 1.3715 and a 1-week high of 1.4624 from last week's
closing quotes of 1.3753 and 1.4652, respectively. If the loonie
extends its uptrend, it is likely to find resistance around 1.35
against the greenback and 1.45 against the euro.
Looking ahead, Canada new housing price index and PPI, for
March, U.S. Chicago Fed National Activity for March and Eurozone
flash consumer confidence for April are due to be released in the
New York session.
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Sep 2024 to Oct 2024
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Oct 2023 to Oct 2024