FXstreet.com (Barcelona) - AUD, NZD and CAD are rising againts the USD after the FOMC statement on investors diversify their portfolio away the greenback. Commodity prices soared, gold climbed up above 950.00 and oil prices are back above 50 USD.
The AUD/USD rally from 0.6589, after FOMC statement, was capped at 0.6940 resistance, after having rose around 350 pips. Currently, the pair is trading around the 0.6875/95 band.
NZD/USD is trading around the 0.5560/80 after be rejected by the 0.5620 resistance. After the FOMC statement, the pair has risen around 340 pips from 0.5277 to 0.5620, nice weeks high.
Gold has reach three weeks high at 967.00 against USD from the 892.00 level. After the FOMC statement, gold has risen around 750 pips. NYMEX crude closed above $50,00 level for the first time since November, closing up at $51.61.
According to Tatsuya Kawanishi, Junior Adviser at FXstreet.com, AUD and NZD will tend to be appreciated further on investors look for resource values: The situation has become in a state of uncertainty where investors look for resource values.The commodity prices soared. Oil prices went back above 50 USD level since January, gold price got the highest gain since last September as FOMC announced that it would buy 300 billion dlr of gov debit.Thus, those increasing commodity prices suggest inflationary pressure in the near term. As 60% of Australian exports and 70% of New Zealand exports are raw materials, AUD and NZD will tend to be appreciated further.