Australian And NZ Dollars Advance On Coronavirus Drug Hopes
29 Abril 2020 - 9:58PM
RTTF2
The Australian and NZ dollars drifted higher against their major
counterparts in the Asian session on Thursday, as promising trial
results of Gilead Sciences' potential coronavirus treatment
remdesivir boosted investor sentiment.
Gilead Sciences cited positive data emerging from the National
Institute of Allergy and Infectious Diseases' study of its
investigational antiviral remdesivir for the treatment of COVID-19.
The company said the trial met its primary endpoint and that NIAID
will provide detailed information at an upcoming briefing.
Gilead Sciences also announced positive data from a phase 3
trial evaluating 5-day and 10-day dosing durations of Remdesivir in
hospitalized patients with severe COVID-19 infection with evidence
of pneumonia and reduced oxygen levels.
Data from the Australian Bureau of Statistics showed that
Australia export prices rose 2.7 percent on quarter and 2.3 percent
on year.
Main contributors to the rise were: Gold, non-monetary
(excluding gold ores and concentrates) (+11.4 percent);
Metalliferous ores and metal scrap (+2.3 percent); Gas, natural and
manufactured (+4.3 percent); and Meat and meat preparations (+4.0
percent).
The aussie climbed to near 2-month highs of 0.6570 against the
greenback and 69.95 against the yen, reversing from its early lows
of 0.6429 and 69.73, respectively. The aussie is seen finding
resistance around 0.70 against the greenback and 74.00 against the
yen.
The aussie recovered to 0.9106 against the loonie, from a 2-day
low of 0.9071 hit at 9:00 pm ET. On the upside, 0.93 is possibly
seen as the next resistance level for the aussie.
The aussie appreciated to more than a 2-month high of 1.6539
against the euro, after falling to 1.6627 at 9:30 pm ET. Further
uptrend may take the aussie to a resistance around the 1.60
level.
The kiwi firmed to near a 2-month high of 1.7661 against the
euro, more than 6-week high of 0.6149 against the greenback and a
10-day high of 65.51 against the yen, from its previous lows of
1.7755, 0.6117 and 65.29, respectively. The next possible
resistance for the kiwi is seen around 1.70 against the euro, 0.65
against the greenback and 69.00 against the yen.
The kiwi rose to a 3-day high of 1.0670 against the aussie and
held steady thereafter. The pair closed yesterday's deals at
1.0688.
Looking ahead, German jobless rate and Swiss KOF leading
indicator for April, Eurozone inflation for the same month, jobless
rate for March and GDP data for the first quarter are due in the
European session.
At 7:45 am ET, the European Central Bank announces its decision
on interest rates. Economists expect the refi rate and the marginal
lending facility rate to be kept at 0.00 percent and -0.50 percent,
respectively.
In the New York session, Canada GDP data for February and
industrial product price index for March, as well as U.S. weekly
jobless claims for the week ended April 24 and personal income and
spending data for March are slated for release.
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