Select Page

Antipodean currencies such as the Australian and the New Zealand dollars strengthened against their major counterparts in the Asian session on Monday, as better-than-expected U.S. jobs data reinforced expectations of an interest rate hike by the Federal Reserve later this week. Investors are also cautious ahead of the results of Wednesday’s Dutch elections.

The U.S. Labor Department said Friday that non-farm payroll employment jumped by 235,000 jobs in February after surging by a revised 238,000 jobs in January. Economists had expected employment to climb by about 195,000 jobs. The upbeat jobs data reinforced expectations of an interest rate hike by the Federal Reserve this week.

Last Friday, the Australian and the New Zealand dollars showed mixed trading against their major rivals. While the aussie and the kiwi rose against the U.S. dollar and the yen, they fell against the euro.

In the Asian trading, the Australian dollar rose to 5-day highs of 0.7576 against the U.S. dollar, 1.0187 against the Canadian dollar and 1.0918 against the NZ dollar, from Friday’s closing quotes of 0.7535, 1.0151 and 1.0892, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.77 against the greenback, 1.02 against the loonie and 1.10 against the kiwi.

Against the yen, the aussie edged up to 86.98 from Friday’s closing value of 86.52. The aussie may test resistance around the 88.00 region.

The aussie advanced to 1.4122 against the euro from an early more than a 1-month low of 1.4184. On the upside, 1.37 is seen as the next resistance level for the aussie.

The NZ dollar rose to 1.5409 against the euro, from an early 4-month low of 1.5454. The kiwi is likely to may test resistance around the 1.51 region.

Against the U.S. dollar and the yen, the kiwi advanced to 0.6944 and 79.68 from Friday’s closing quotes of 0.6921 and 79.44, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.71 against the greenback and 81.00 against the yen.

Looking ahead, European Central Bank President Mario Draghi is expected to deliver opening remarks at a joint conference organized by the European Central Bank and Massachusetts Institute of Technology, in Frankfurt at 10:30 am ET.

In the New York session, U.S. labor market conditions index for February is set to be published.

At 8:45 am ET, European Central Bank board member Sabine Lautenschlaeger is expected to speak in Dublin.

The material has been provided by InstaForex Company – www.instaforex.com

Pin It on Pinterest

Share This
%d bloggers like this: