Australian, NZ Dollars Higher As Oil Prices Surge On Concerns Over Russian Oil Ban

The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, as oil prices surged above $130 a barrel after the White House said it is proposing a ban on oil imports from Russia in relation to the conflict in Ukraine.

In a letter to lawmakers on Sunday, House Speaker Nancy Pelosi stated that the chamber is exploring a bill that would ban the import of oil and energy products from Russia amid intensified fighting in Ukraine.

Oil prices jumped to the highest level since 2008 amid fears that a ban on Russian oil would have a major impact on supplies to the market.

In a phone call with Turkish President Tayyip Erdogan, Russian President Vladimir Putin said on Sunday his military operation in Ukraine is progressing according to plan and would not cease without meeting his demands or Kyiv stops fighting.

An attempt to evacuate 200,000 people from the Ukrainian city of Mariupol failed again on Sunday, as Russian forces violated the ceasefire plan.

The aussie appreciated to near a 4-month high of 0.7441 against the greenback and more than a 4-month high of 85.51 against the yen, from its early lows of 0.7355 and 84.45, respectively. The aussie is seen finding resistance around 0.76 against the greenback and 88.00 against the yen.

The aussie rose to a 4-1/2-year high of 1.4563 against the euro and near a 1-year high of 0.9462 against the loonie, off its early lows of 1.4825 and 0.9370, respectively. The next possible resistance for the aussie is seen around 1.43 against the euro and 0.96 against the loonie.

The aussie recovered to 1.0762 against the kiwi, from a 5-day low of 1.0723 seen earlier in the session. On the upside, 1.09 is possibly seen as the next resistance level.

The kiwi climbed to a 4-1/2-year high of 1.5641 against the euro, 3-1/2-month highs of 0.6926 against the greenback and 79.58 against the yen, after falling to 1.5946, 0.6838 and 78.55, respectively in prior deals. Next key resistance for the kiwi is seen around 1.54 against the euro, 0.72 against the greenback and 78.55 against the yen.

Looking ahead, Eurozone Sentix investor confidence index for March will be out in the European session.

U.S. consumer credit for January will be featured in the New York session.