NZ Dollar Higher Against Majors
The NZ dollar appreciated against its major counterparts in the
Asian session on Friday, as investors awaited the latest news about
the U.S. presidential election.
Democratic candidate Joe Biden has narrowed the gap against
President Donald Trump in Pennsylvania and Georgia, and expanded
his lead in Nevada.
Although Biden has inched closer to the White House, the final
outcome is uncertain.
The Trump team has launched a series of lawsuits as vote
counting across battleground states showed Biden moving closer to
the U.S. leadership.
Investors bet on a divided government with Biden as President
and Republicans controlling the Senate. Such an outcome would limit
major policy changes and keep the status quo on economic
The U.S. non-farm payrolls report for October is due out later
in the day.
Employment is expected to increase by about 600,000 jobs in the
month after an increase of 661,000 jobs in September. The
unemployment rate is expected to edge down to 7.7 percent from 7.9
The kiwi strengthened to 0.6798 against the greenback, its
biggest level since September 18. The kiwi is seen finding
resistance around the 0.70 region.
The kiwi hit a 2-day high of 70.35 against the yen, compared to
Thursday's closing value of 69.87. The kiwi may locate resistance
around the 72.00 level.
The kiwi jumped to a 3-1/2-month high of 1.7404 against the euro
and held steady thereafter. The kiwi is poised to challenge
resistance around the 1.70 mark.
The NZ currency edged up to 1.0700 against the aussie, from a
low of 1.0754 set at 5:00 pm ET. The kiwi is likely to face
resistance around the 1.03 region, if it gains again.
Looking ahead, U.K. Halifax house prices for October are due out
in the European session.
The U.S and Canadian jobs data for October, U.S. wholesale
inventories and consumer credit for September and Canada Ivey PMI
for October are set for release in the New York session.