Australian, NZ Dollars Advance As Asian Shares Follow Wall Street Higher

The Australian and NZ dollars climbed against their major counterparts in the Asian session on Friday, as Asian stock markets rose, tracking a broadly positive close on Wall Street overnight, as strong earnings results helped offset concerns about a contraction in the U.S. economic growth in the first quarter.

Facebook parent company Meta Platforms reported better than expected quarterly earnings overnight and triggered a tech-led rally on Wall street.

Data from the Commerce Department showed that the U.S. economy unexpectedly contracted in the first quarter amid elevated imports and a spike in COVID-19 cases.

The disappointing data fueled some hopes that the Federal Reserve may not raise interest rates as aggressively as indicated.

Oil prices rose amid prospects of a ban on Russian crude imports to the European Union as Germany has dropped its opposition to the plan.

The aussie rose to a 2-day high of 0.7165 against the greenback and a 1-week high of 1.4694 against the euro, off its early lows of 0.7091 and 1.4794, respectively. The aussie is poised to find resistance around 0.74 against the greenback and 1.45 against the euro.

The aussie reversed from its early lows of 92.78 against the yen and 0.9077 against the loonie and edged up to 93.47 and 0.9132, respectively. The next possible resistance for the aussie is seen around 95.00 against the yen and 0.93 against the loonie.

The aussie was up against the kiwi, at an 8-day high of 1.0977. The aussie is seen finding resistance around the 1.11 level.

The kiwi reached as high as 0.6535 against the greenback, after falling to 0.6486 earlier in the session. On the upside, 0.68 is likely seen as its next resistance level.

The kiwi gained to 1.6125 against the euro and 85.17 against the yen before paring gains in a short while. The kiwi had ended yesterday's deals at 1.6176 against the euro and 84.84 against the yen.

Looking ahead, Swiss KOF leading index for April, German flash GDP data for the first quarter, Eurozone flash inflation for April and GDP data for the first quarter are due in the European session.

Canada GDP data for February, U.S. personal income and spending data for March and University of Michigan's final consumer sentiment index for April will be featured in the New York session.