Australian, NZ Dollars Advance As China Pledges Stimulus Measures

The Australian and NZ dollars climbed against their major counterparts in the Asian session on Thursday, as Chinese authorities promised to implement measures to boost growth and property market next year.

China's State Council, People's Bank of China and the country's top securities regulator conducted a study during last week's economic policy meeting and committed to stimulate growth next year.

China will speed up construction of major projects and assist private firms and the platform economy, according to the meeting.

Asian stocks are mostly higher on the back of strong U.S. consumer confidence data and solid earnings from corporate giants Nike and FedEx.

Oil extended gains after official data showed a larger-than-expected draw in U.S. crude stockpiles.

The aussie approached 1-week highs of 0.6767 against the greenback and 1.5724 against the euro, up from its early lows of 0.6704 and 1.5818, respectively. The currency is likely to locate resistance around 0.70 against the greenback and 1.53 against the euro.

The AUD/NZD pair touched 1.0701, its highest level since December 1. On the upside, 1.09 is possibly seen as its next resistance level.

The aussie rose to 2-day highs of 0.9187 against the loonie and 89.27 against the yen, reversing from its early lows of 0.9064 and 88.66, respectively. The aussie is seen finding resistance around 0.94 against the loonie and 92.00 against the yen.

The kiwi edged up to 0.6330 against the greenback, 1.6804 against the euro and 83.55 against the yen, off its prior lows of 0.6284, 1.6881 and 83.01, respectively. The kiwi may find resistance around 0.66 against the greenback, 1.66 against the euro and 86.00 against the yen.

Looking ahead, U.S. GDP data for the third quarter and weekly jobless claims for the week ended December 17 will be published in the New York session.