CANBERA (dpa-AFX) - The Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday, as Asian stock markets traded higher, boosted by strong gains in Japan and South Korea amid a rebound in technology and semiconductor stocks after the recent sell-off on concerns over rising costs of financing AI investments.
Despite the hotter-than-expected US inflation data released over the past two days, CME Group's FedWatch Tool suggests the US Federal Reserve is still likely to leave rates unchanged later this month.
The continued escalation in the Middle East conflict is spiking crude oil prices and raising supply concerns after two commercial vessels in the Strait of Hormuz were struck by projectiles.
Yemen's Houthis have also vowed to press on with attacks on airports and oil facilities in Saudi Arabia after hitting the headquarters of the Saudi state-owned oil company Aramco a day earlier.
Crude oil prices were higher on elevated supply concerns after two commercial vessels in the Strait of Hormuz were struck by projectiles. West Texas Intermediate crude for November delivery surged $2.95 or 3.1 percent to $98.04 a barrel.
Investors now look to U.S. Federal Reserve (Fed) Chair Kevin Warsh's speech. In light of the energy-driven acceleration of US inflation, Warsh's comments at the World Bank Group and International Monetary Fund (IMF) Annual Meetings in Bangkok will be watched for additional clues regarding the Fed's future policy course.
In economic news, data from BusinessNZ showed that the manufacturing sector in New Zealand continued to expand in September, and at a faster pace, with a manufacturing PMI score of 56.5. That's up from the upwardly revised 53.3 in August (originally 53.1).
In the Asian trading today, the Australian dollar rose to 109.69 against the euro and 1.6179 against the euro, from yesterday's closing quotes of 109.40 and 1.6208, respectively. If the aussie extends its uptrend, it is likely to find resistance around 111.00 against the yen and 1.59 against the euro.
Against the U.S. and the Canadian dollars, the aussie advanced to 0.6947 and 0.9846 from Thursday's closing quotes of 0.6918 and 0.9820, respectively. The aussie may test resistance around 0.71 against the greenback and 0.99 against the loonie.
The NZ dollar rose to more than 2-week highs of 0.5656 against the U.S. dollar and 89.28 against the yen, from yesterday's closing quotes of 0.5620 and 88.88, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.58 against the greenback and 91.00 against the yen.
Against the euro and the Australian dollar, the kiwi advanced to more than 1-month highs of 1.9870 and 1.2279 from Thursday's closing quotes of 1.9950 and 1.2309, respectively. The kiwi is likely to find resistance around 1.96 against the euro and 1.21 against the aussie.
Looking ahead, Eurozone CPI data for September is due to be released at 5:00 am ET in the European session.
In the New York session, Canada housing starts for September, U.S. export and import prices for September, U.S. New York Fed services activity index for October, U.S. industrial and manufacturing productions for September and U.S. Baker Hughes oil rig count data are slated for release.
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