Antipodean Currencies Rise As Asian Shares Traded Higher

(RTTNews) - Antipodean currencies such as the Australia and the New Zealand currencies strengthened against their major counterparts in the Asian session on Tuesday, as traders took note of U.S. Fed Vice Chair Philip Jefferson stating the central bank needs to "proceed carefully to balance the risk of tightening too much." However, the fresh geopolitical crisis in the Middle East is weighing on market sentiment.

Traders also cautiously await U.S inflation data later in the week, which could have a significant impact on the outlook for interest rates.

A spike in commodity prices, also led to the gain of antipodean currencies.

Crude oil prices rose sharply amid concerns about disruptions to global oil supplies due to rising tensions in the Middle East. West Texas Intermediate Crude oil futures for November spiked $3.59 or 4.3 percent at $86.38 a barrel.

In the Asian trading now, the Australian dollar rose to 8-day highs of 0.6433 against the U.S. dollar and 1.6446 against the euro, from yesterday's closing quotes of 0.6410 and 1.6479, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.66 against the greenback and 1.63 against the euro.

Against the yen and the Canadian dollar, the aussie advanced to 4-day highs of 95.50 and 0.8731 from Monday's closing quotes of 95.19 and 0.8710, respectively. On the upside, 98.00 against the yen and 0.88 against the loonie are seen as the next resistance levels for the aussie.

The aussie edged up to 1.0657 against the NZ dollar, from yesterday's closing value of 1.0641. The next possible upside target for the aussie may seen around the 1.08 region.

The NZ dollar rose to nearly a 3-month high of 1.7509 against the euro and nearly a 2-week high of 0.6042 against the U.S. dollar, from yesterday's closing quotes of 1.7538 and 0.6020, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 1.73 against the euro and 0.62 against the greenback.

Against the yen, the kiwi advanced to an 8-day high of 89.71 from Monday's closing value of 89.40. The kiwi may test resistance near the 91.00 region.

Looking ahead, U.S.NFIB Business Optimism index for September, U.S. wholesale inventories for August, U.S. Consumer Inflation Expectations for September and U.S. Redbook report are set to be published in the New York session.

The International Monetary Fund is set to release the World Economic Outlook with latest analysis and economic projections on Tuesday.

Chief Economist Pierre-Olivier Gourinchas is set to present global growth projections and key policy recommendations at 4.00 AM ET / 9.00 AM GMT+1. The IMF holds its 2023 annual meetings in the Moroccan city of Marrakech.