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Commodity currencies such as the Australian, the New Zealand, and the Canadian dollars strengthened against their major counterparts in the Asian session on Friday, as most Asian stock markets traded higher after investors looked ahead to speeches from key central bankers later today at their annual meeting in Jackson Hole, Wyoming.
Fed Chair Janet Yellen and European Central Bank President Mario Draghi are both scheduled to speak at the conference later in the day.
In the Asian trading today, the Australian dollar rose to a 2-day high of 86.70 against the yen, from yesterday's closing value of 86.52. The aussie may test resistance near the 88.00 region.
Against the euro and the U.S. dollar, the aussie advanced to 1.4926 and 0.7903 from early lows of 1.4953 and 0.7885, respectively. If the aussie extends its uptrend, it could find resistance around 1.43 against the euro and 0.80 against the greenback.
The NZ dollar rose to a 2-day high of 79.15 against the yen from yesterday's closing value of 78.95. The kiwi may test resistance near the 81.00 region.
Against the euro and the U.S. dollar, the kiwi advanced to 1.6341 and 0.7218 from yesterday's closing quotes of 1.6370 and 0.7207, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 1.59 against the euro and 0.73 against the greenback.
The kiwi edges up to 1.0939 against the Australian dollar, from an early more than 5-month low of 1.10. On the upside, 1.07 is seen as the next resistance level for the kiwi.
The Canadian dollar rose to a 3-day high of 1.4753 against the euro, and a 3-week high of 87.74 against the yen from yesterday's closing quotes of 1.4769 and 87.49, respectively. If the loonie extends its uptrend, it may find resistance around 1.45 against the euro and 89.00 against the yen.
Against the U.S. and the Australian dollars, the loonie advanced to nearly a 4-week high of 1.2506 and a 1-month high of 0.9870 from yesterday's closing quotes of 1.2519 and 0.9888, respectively. The loonie may test resistance around 1.23 against the greenback and 0.97 against the aussie.
Meanwhile, the safe-haven yen fell against its major rivals amid rising risk appetite.
In the economic news, the Ministry of Internal Affairs and Communications said that overall consumer prices in Japan advanced 0.4 percent on year in July, in line with expectations and unchanged from the June reading. Core inflation, which excludes food prices, advanced an annual 0.5 percent - again unchanged and matching forecasts.
The Bank of Japan said that producer prices were up 0.6 percent on year in July. That was beneath expectations for 0.8 percent and down from the downwardly revised 0.7 percent gain in June.
The yen fell to an 8-day low of 129.50 against the euro and a 1-week low of 113.67 against the Swiss franc, from yesterday's closing quotes of 129.26 and 113.46, respectively. If the yen extends its downtrend, it is likely to find support around 130.00 against the euro and 115.00 against the franc.
Against the pound and the U.S. dollar, the yen dropped to 2-day lows of 140.59 and 109.77 from yesterday's closing quotes of 140.21 and 109.55, respectively. The yen may test support near 143.00 against the pound and 111.00 against the greenback.
Looking ahead, the German Ifo business climate index for August is due to be released at 4:00 am ET.
In the New York session, U.S. durable goods orders for July and U.S. Baker Hughes rig count data are slated for publishing.
Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are expected to speak about financial stability at the Federal Reserve Bank of Kansas City Economic Symposium, in Jackson Hole later in the day.
