NZ, Canadian Dollars Rise As Most Asian Stock Markets Traded Higher

The New Zealand and the Canadian dollars strengthened against their major counterparts in the Asian session on Wednesday, as investors await the U.S. Federal Reserve's monetary policy decision due later in the day.

While the Fed is widely expected to raise interest rates by a quarter point, investors will be paying close attention to the accompanying statement for clues about the outlook for rates.

In other economic news, data from the National Bureau of Statistics showed that industrial production in China was up 6.5 percent on year in May. That beat forecasts of an increase of 6.4 percent, and it remained unchanged from the April reading.

The bureau also said retail sales advanced an annual 10.7 percent, unchanged and also in line with expectations.

Fixed asset investment was up 8.6 percent on year, shy of forecasts of 8.8 percent, and down from 8.9 percent in the previous month.

Data from Westpac Bank showed that the consumer confidence in Australia ebbed again in June, as its index slipped 1.8 percent to a score of 96.2. That follows the 1.1 percent decline in May to 98.0. In all, the index has declined in three straight months. Data from Statistics New Zealand showed that New Zealand posted a seasonally adjusted current account deficit of NZ$2.836 billion in the first quarter of 2017. That missed forecasts of a surplus of NZ$1.0 billion following the NZ$2.415 billion shortfall in the three months prior.

Another report from the same agency showed that the food prices in New Zealand were up 2.4 percent on month in May, following the 0.8 percent gain in April. On a yearly basis, prices were up 3.1 percent.

In the Asian trading, the NZ dollar rose to 1.5519 against the euro and 79.49 against the yen, from early lows of 1.5571 and 79.25, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 1.53 against the euro and 80.00 against the yen.

Against the U.S. and the Australian dollars, the kiwi advanced to 0.7224 and 1.0431 from early lows of 0.7199 and 1.0464, respectively. The kiwi may test resistance around 0.74 against the greenback and 1.03 against the aussie.

The Canadian dollar rose to nearly a 2-week high of 0.9959 against the Australian dollar from yesterday's closing of 0.9979. The loonie may test resistance around the 0.97 region.

Against the U.S. dollar, the euro and the yen, the loonie advanced to 1.3213, 1.4823 and 83.27 from yesterday's closing quotes of 1.3242, 1.4843 and 83.11, respectively. If the loonie extends its uptrend, it may find resistance around 1.30 against the greenback, 1.46 against the euro and 84.00 against the yen.

Looking ahead, U.K. jobless data for May, Eurozone industrial production for April and employment data for the first quarter are slated for release later in the day.

In the New York session, U.S. CPI data for May, advance retail sales data for May and U.S. crude oil inventories data are set to be published.

At 2:00 pm ET, The Federal Open Market Committee will announce its interest rate. The central bank is expected to raise rates by a quarter-point.