Antipodean Currencies Rises As Crude Oil Prices Advance

Antipodean currencies such as the Australian and the New Zealand dollar strengthened against their major counterparts in the Asian session on Tuesday, as the crude oil prices rose after Saudi Arabia pledged to curb exports from August and Nigeria agreed to curb production to rein in global oversupply.

Crude oil delivery for September is currently up by 0.22 percent or $46.56 per barrel.

The Fed's two-day policy meeting starts later today, with investors looking for clues on whether the U.S. central bank will begin reducing its bond portfolio at its September meeting.

In the Asian trading, the Australian dollar rose to 1.4674 against the euro and 88.17 against the yen, from yesterday's closing quotes of 1.4690 and 88.02, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.43 against the euro and 90.00 against the yen.

Against the U.S. and the New Zealand dollars, the aussie advanced to 0.7945 and 1.0677 from yesterday's closing quotes of 0.7922 and 1.0653, respectively. The aussie may test resistance near 0.80 against the greenback and 1.09 against the kiwi.

The aussie edged up to 0.9927 against the Canadian dollar, from an early 1-week low of 0.9888. On the upside, 1.01 is seen as the next resistance level for the aussie.

The NZ dollar rose to 82.66 against the yen, from an early low of 82.34. The kiwi may test resistance near the 84.00 region.

Against the euro and the U.S. dollar, the kiwi advanced to 1.5657 and 0.7451 from an early 5-day low of 1.5724 and a 4-day low of 0.7401, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 1.53 against the euro and 0.75 against the greenback.

Looking ahead, the German Ifo business climate index for July is due to be released later in the day.

In the New York session, U.S. FHFA house price index for May, U.S. S&P Case-Shiller home price index for May and U.S. consumer confidence index for July are slated for release.

At 1:00 pm ET, Bank of England Chief Economist Andy Haldane is expected to speak about the international monetary and financial system at the Finance Foundation Annual Lecture, in London.