Antipodean Currencies Rise Amid Risk Appetite

(RTTNews) - Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Thursday amid risk appetite, as softer-than-expected U.S. jobs data drove bond yields lower, which retreated from 16-year highs. Traders are also indulging in bargain hunting after the recent slump in the markets.

Data from Australian Bureau of Statistics (ABS) showed that Australia's trade balance posted a surplus of A$ 9,640 million in August compared to A$ 7,324 million in the previous month. The expected level was A$ 8,725 million.

The ABS also showed that Australia's exports increased to 4.0 percent in August. Meanwhile, imports dropped to 0.4 percent in August.

In the Asian trading now, the Australian dollar rose to 2-day highs of 1.6505 against the euro and 94.69 against the yen, from yesterday's closing quotes of 1.6606 and 94.29, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.62 against the euro and 97.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie advanced to 3-day highs of 0.6378 and 0.8745 from yesterday's closing quotes of 0.6323 and 0.8690, respectively. The aussie may test resistance near 0.66 against the greenback and 0.89 against the loonie.

The aussie edged up to 1.0719 against the NZ dollar, from Wednesday's closing value of 1.0692. On the upside, 1.08 is seen as the next resistance level for the aussie.

The NZ dollar rose to 2-day highs of 0.5951 against the U.S. dollar and 88.40 against the yen, from yesterday's closing quotes of 0.5913 and 88.17, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback and 90.00 against the yen.

Against the euro, the kiwi edged up to 1.7683 from Wednesday's closing value of 1.7760. The kiwi may test resistance near the 1.74 region.

Looking ahead, U.K. construction PMI for September is due to be released in the European session.

At 5:45 am ET, ECB board member Philip Lane will participate in policy panel at 2023 ECB Conference on Monetary Policy: bridging science and practice in Frankfurt, Germany.

In the New York session, U.S. and Canada trade data for August, U.S. weekly jobless claims data, Canada Ivey PMI data for September are slated for release.

At 9:00 am ET, Federal Reserve Bank of Cleveland President Loretta Mester will give a brief opening remarks before the Chicago Payments Symposium hosted by the Federal Reserve Bank of Chicago, in Chicago, U.S.

An hour later, ECB Vice President Luis de Guindos will deliver a speech at 2023 ECB Conference on Monetary Policy: bridging science and practice in Frankfurt, Germany.

At 11:30 am ET, Federal Reserve Bank of Richmond President Thomas Barkin will speak on the national outlook before the 2023 WilmingtonBiz Conference & Expo, in Washington D.C., U.S.

Half-an- hour later, Federal Reserve Bank of San Francisco President Mary Daly will participate in conversation-style interview on the economy, monetary policy and the Fed's role in fostering economic growth before hybrid Economic Club of New York luncheon, in New York, U.S.

At 12:15 pm ET, Federal Reserve Vice Chair for Supervision Michael Barr will participate in "Cyber Risk in the Banking Sector" discussion before the "Large and Foreign Banking Organizations Cyber Conference: Managing Cyber Risk from the C-Suite" hosted by the Federal Reserve Bank of Cleveland, in Cleveland, U.S.