U.S. Dollar Shows its Resilience in Asian Trading

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U.S. Dollar Shows its Resilience in Asian Trading
U.S. Dollar Shows its Resilience in Asian Trading

Asian markets on Monday revealed the lower trading trends of the New Zealand Dollar with respect to the U.S. Dollar, subsequent to the announcement of an unenthusiastic PMI report for the month of March, from China. A closer look at the market data indicated that the NZD/USD is at a lower position by 0.19% at 0.8357. The pair was expected to locate support at 0.8340, the low position observed at March 26 and find resistance at 0.8418, which was the high of February 25.

The March PMI related to China, announced in the early part of the day, showed a value of 50.9, which was just below the estimates made by analysts, describing for 51.2, readings higher than 50 point to expansion.

The March reading is indicated to be high 50.1 in the month of February.
In other news, the EUR/NZD dropped 0.11% to a value of 1.5299 following Cypriot President Nicos Anastasiades approval to disciplinary losses for the Bank of Cyprus’s bigger depositors in order to acquire EUR10 billion in aid, to maintain the country from bankruptcy. The NZD/JPY slipped 0.50% to 78.50 as traders welcomed the yen as a safe-haven choice compared to the U.S. dollar. The trends of AUD/NZD are level at 1.2445.

The euro was trading lower as compared to the Japanese yen on Monday, with the currency pair, EUR/JPY at 120.35, downward 0.36%. It was expected that the currency pair to locate support at 119.75, which was Thursday’s low, and find resistance at a value of 121.87, Wednesday’s high. The euro was also seen to have declining trends compared to the U.S. dollar as well as the British pound, with EUR/USD falling 0.28% to reach 1.2785 and EUR/GBP dropping 0.21% to arrive at 0.8422.

The U.S. dollar is seen at a lower position compared to the Japanese yen during the Asian session on Monday. In the Asian trading on Monday, traders also observed that the USD/JPY is at a lower position by 0.29% at a value of 93.96. The pair was expected to locate support at 93.88, which was Thursday’s low, and find resistance at 94.91 that was Wednesday’s high. GBP/USD dropped 0.05% 1.5183 whereas USD/CHF advanced 0.35% to 0.9526. USD/CAD gained 0.03% to 1.0178 as oil prices declined.