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 February 3, 2016 - 2:21 PM EST
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Commodity Currencies As Oil Prices Add To Gains

CANBERA (dpa-AFX) - Commodity currencies such as the Australian, the

New Zealand
and the Canadian dollars strengthened against their major counterparts in the Asian session on Thursday amid rising risk appetite, as gains in crude oil prices as well as other commodity prices on the back of a weaker dollar lifted resource stocks.
Crude oil for March delivery are currently up $0.40 at $32.68 a barrel.    Oil

prices rallied, taking back steep losses from the previous two sessions as the dollar weakened.

Wednesday, the Australian, the

New Zealand
and the Canadian dollars showed mixed trading against its major rivals.

The Australian and the Canadian dollars fell against the yen and the euro. However, the NZ dollar rose against the euro and held steady against the yen. Meanwhile, the Australian, the

New Zealand
and the Canadian dollars rose against the

In the Asian trading, the Australian dollar rose to a 1-month high of 0.7191 against the

dollar and a 2-day high of 84.94 against the yen, from yesterday's closing quotes of 0.7168 and 84.48, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.73 against the greenback and 88.00 against the yen.

Against the euro, the aussie edged up to 1.5422 from yesterday's closing value of 1.5487. The aussie may test resistance near the 1.49 region.

The NZ dollar rose to 0.6684 against the

dollar, 78.96 against the yen and 1.6588 against the euro, from yesterday's closing quotes of 0.6661, 78.53 and 1.6645, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.68 against the greenback, 82.00 against the yen and 1.61 against the euro.

Against the Australian dollar, the kiwi edged up to 1.0747 from an early low of 1.0779. The kiwi is likely to find resistance around the 1.05 area.

The Canadian dollar rose to nearly a 2-month high of 1.3719 against the

dollar, from yesterday's closing value of 1.3778. On the upside, 1.35 is seen as the next resistance level for the loonie.

Against the yen, the euro and the Australian dollar, the loonie edged up to 86.06, 1.5222 and 0.9849 from yesterday's closing quotes of 85.52, 1.5299 and 0.9871, respectively. If the loonie extends its uptrend, it is likely to find resistance around 89.00 against the yen, 1.49 against the euro and 0.97 against the aussie.

Looking ahead, SECO Swiss consumer confidence index for January is due to be released in the pre-European session at 1:45 am ET.

Subsequently, Federal Reserve Bank of Boston President Eric Rosengren will deliver a speech titled "Too Big to Fail" at the Bank of International Settlements in

Cape Town
at 2:15 am ET.

At 3:00 am ET, European Central Bank President Mario Draghi is scheduled to deliver the Marjolin Lecture at the SUERF conference organised by the German Bundesbank in


At 4:00 am ET, the European Central Bank is scheduled to release the economic bulletin.

The Bank of

is due to announce its interest rate decision, inflation report and the minutes of the meeting at 7:00 am ET. Economists expect the bank to retain interest rates unchanged at 0.50 percent and asset purchase target at GBP 375 billion.

At 7:45 am ET,     Bank of England Governor Mark Carney, along with the other 

MPC members, will hold a press conference on the Inflation Report in


In the

New York
weekly jobless claims for the week ended January 30 and
factory orders data for December are slated for release.

Federal Reserve Bank of Dallas President Robert Kaplan is due to participate in a discussion of Global Economic Conditions at an event hosted by the Real Estate Council in

at 8:30 am ET.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:

Source: News (February 3, 2016 - 2:21 PM EST)

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