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Name Symbol Market Type
Euro vs New Zealand Dollar FX:EURNZD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.0% 1.71101 1.70861 1.7134 0 01:00:00

Australian, NZ Dollars Appreciate On Fed Policy, Biden's Stimulus Plan

29/04/2021 4:48am

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Euro vs NZD (FX:EURNZD)
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The Australian and NZ dollars climbed against their major counterparts in the Asian session on Thursday amid risk appetite, as the Federal Reserve pledged to maintain ultra-easy policy and President Joe Biden outlined ambitious plans to build America by proposing $1.8 trillion in spending on education and healthcare.

The Fed left interest rates and asset purchases unchanged but acknowledged an improvement in the economy.

The Fed said that the rise in inflation is transitory and will allow inflation to exceed 2 percent target before considering to raise rates.

In his first address to Congress, Biden unveiled $1.8 trillion spending plan on education, child care and other public services.

The package would be funded partly by tax hikes on wealthy Americans.

In economic news, data from the Australian Bureau of Statistics showed that Australia's export prices jumped 11.2 percent on quarter in the first quarter of 2021, after climbing 5.5 percent in the fourth quarter.

Import prices were up 0.2 percent on quarter after sinking 1.0 percent in the fourth quarter and the first growth in import prices since the fourth quarter of 2019.

On a yearly basis, export prices gained 8.6 percent and import prices fell 6.2 percent as the exchange rate had a downward effect on prices.

The aussie climbed to 6-week highs of 0.7818 against the greenback and 84.81 against the yen, off its early lows of 0.7782 and 84.49, respectively. The aussie is likely to challenge resistance around 0.80 against the greenback and 87.00 against the yen.

The aussie edged higher to 1.0743 against the kiwi, after falling to 1.0715 at 5 pm ET. The aussie is seen finding resistance around the 1.10 mark.

In contrast, the aussie eased to 0.9577 against the loonie and 1.5590 against the euro, reversing from its early high of 0.9607 and a 2-day high of 1.5537, respectively. Next key support for the aussie is likely seen around 0.94 against the loonie and 1.60 against the euro.

The kiwi jumped to near a 2-month high of 0.7287 against the greenback and a 6-week high of 79.04 against the yen, from its prior lows of 0.7247 and 78.73, respectively. The kiwi is poised to challenge resistance around 0.74 against the greenback and 80.00 against the yen.

The kiwi, however, reversed from an early 8-day high of 1.6671 against the euro and dropped to 1.6732. If the kiwi slides further, 1.69 is likely seen as its next support level.

Looking ahead, German jobless rate and Eurozone economic confidence index for April will be featured in the European session.

At 8:00 am ET, German flash consumer inflation for April will be published.

U.S. GDP data for the first quarter, weekly jobless claims for the week ended April 24 and pending home sales for March are due in the New York session.

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