2020.04.0607:55:00UTC+00Australian, NZ Dollars Rise As Virus Fears Ease

The Australian and NZ dollars moved up against their major counterparts in the Asian session on Monday, as a slowdown in deaths and infections from the coronavirus in Europe buoyed sentiment.

While Italy reported the fewest deaths in more than two weeks, France recorded the lowest number in five days and Spain's rate fell for three days in a row.

The rate of deaths and infections fell in New York state, with Trump describing it as a "light at the end of the tunnel"

But Trump warned of more deaths as the pandemic neared its "peak" in the U.S.

Data from the ANZ showed that New Zealand's commodity prices declined for the fourth straight month in March.

The ANZ commodity price index declined 2.1 percent month-on-month in March, the same pace of fall as seen in February. Prices have been falling for the fourth straight months.

The aussie rose back to 0.6046 against the greenback, from a low of 0.5991 hit at 8:00 pm ET. Next key resistance for the aussie is likely seen around the 0.68 level.

The aussie rallied to 66.01 against the yen, representing a 5-day high. The aussie is likely to face resistance around the 74.00 region.

The aussie rose back to 1.7897 against the euro, from a low of 1.8040 seen at 7:30 pm ET. If the aussie strengthens further, it is likely to test resistance around the 0.68 region.

The kiwi appreciated to a 6-day high of 64.59 against the yen and a 4-day high 1.8302 against the euro, off its early lows of 63.46 and 1.8475, respectively. The kiwi may seek resistance around 67.5 against the yen and 1.70 against the euro.

The kiwi spiked up to 0.5910 against the greenback, from Friday's closing value of 0.5857. The kiwi is poised to challenge resistance around the 0.66 region.

Looking ahead, Eurozone Sentix investor sentiment index for April and U.K. construction PMI for March are due in the European session.