Australian Dollar Higher as Markets Cheer Vaccine Rollouts


SYDNEY, Feb 15 Reuters The Australian and New Zealand dollars started the week higher against the greenback on Monday, benefiting from buoyant equity and commodity markets ahead of both countries planned coronavirus vaccine rollouts.

The Aussie dollar rose 0.23 to 0.7777, well up from this months troughs of 0.7564 and 0.7583. It is facing resistance around 0.7785.

The kiwi dollar was also 0.33 higher at 0.7239, having enjoyed a solid bounce from last months low of 0.7097. Resistance lies around 0.7246 and 0.7251.

Both risklinked currencies have benefited from higher commodity prices and their economies performance following their success in controlling the spread of the COVID19 pandemic. Questions over the economic recovery in the United States, meanwhile, was putting pressure on the greenback, analysts said.

Australia will begin inoculating against COVID19 next week after receiving the first 142,000 doses of the PfizerBioNTech vaccine, while in New Zealand, vaccinations are planned to start Feb. 20.

Positive risk appetite would likely continue to push the Australian dollar higher against its more defensive counterparts, with the performance of equities a key driver, Australian and New Zealand Banking Group analysts said.

Shares were advancing to record highs in some Asian markets while oil rose to a more than one year peak as successful coronavirus vaccine rollouts raise hopes of a rapid economic recovery.

Australian equities were close to 1 higher as positive…


Please enter your comment!
Please enter your name here