NZ Dollar Higher On U.S. Reopening, Virus Cure Hopes
16 Abril 2020 - 10:32PM
RTTF2
The New Zealand dollar strengthened against its major
counterparts in the Asian session on Friday, as promising results
from Gilead's Remdesivir for the treatment of COVID-19 underpinned
sentiment.
Investors welcomed U.S. President Donald Trump's announcement of
new guidelines to states aimed at easing social distancing
restrictions and reopening parts of the country.
"We are not opening all at once, but one careful step at a
time," Trump said at the coronavirus task force press briefing
Thursday as the White House outlined a three-phase approach to
gradually bring back parts of public life.
Markets largely shrugged off a spate of Chinese data
underscoring a deeper downturn.
China's first quarter GDP shrank 6.8 percent in 2020 as compared
to a year ago, marking the first quarterly decline since 1992, as
the world's second largest economy took a huge hit from the
coronavirus outbreak.
Fixed asset investment in the first quarter tumbled an annual
16.1 percent and industrial production dipped 1.1 percent
year-on-year in March, while retail sales plunged 15.8 percent in
the month, the National Bureau of Statistics said.
The kiwi appreciated to a 2-day high of 0.6026 against the
greenback, from a low of 0.5960 seen at 5:15 pm ET. Next key
resistance for the kiwi is seen around the 0.64 level.
The kiwi touched a 2-day high of 65.03 against the yen and held
steady thereafter. At yesterday's trading close, the pair was
valued at 64.35.
The kiwi advanced to a 2-day high of 1.8041 against the euro,
from Thursday's closing value of 1.8170. Should the kiwi
strengthens further, it is likely to test resistance around the
1.70 region.
The New Zealand currency edged up to 1.0568 against the aussie,
after dropping to 1.0622 at 5:30 pm ET, which was its lowest level
since November 20. The next possible resistance for the kiwi is
seen around the 1.02 level.
Looking ahead, Eurozone final consumer price index for March is
due out in the European session.
The U.S. leading index for March is set for release in the New
York session.
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