NZ Dollar Advances Amid Rising Risk Appetite

(RTTNews) - The NZ dollar climbed against its major counterparts in the Asian session on Wednesday, as investors awaited a speech by Federal Reserve Chair Jerome Powell for more signals on the economy and rate hike outlook.

Powell is expected to reinforce expectations for a slower pace of rate hikes from December.

The Fed chair will speak at the Brookings Institution at 1:30 pm ET.

On Tuesday, Chinese authorities pledged to ease the strict lockdown measures in the key areas to protect the interest of the people.

Hopes for a loosening of the COVID restrictions reduced concerns about economic growth outlook.

The kiwi rose to 0.6237 against the greenback and 1.6600 against the euro, after falling to 0.6189 and 1.6680, respectively in prior deals. The next possible resistance for the kiwi is seen around 0.66 against the greenback and 1.62 against the euro.

The kiwi touched 2-day highs of 86.37 against the yen and 1.0757 against the aussie, up from its previous lows of 85.88 and 1.0792, respectively. The kiwi is seen finding resistance around 91.00 against the yen and 1.03 against the aussie.

Looking ahead, Eurozone inflation data for November will be published in the European session.

U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET.

U.S. GDP data for the third quarter and pending home sales, wholesale inventories and advance goods trade balance for October will be published in the New York session.

At 1:30 pm ET, Federal Reserve Chair Jerome Powell will deliver a speech about the economic outlook, inflation, and the labor market at the Brooking Institution, in Washington DC.