2021.09.2707:47:00UTC+00Australian, NZ Dollars Advance Amid Rising Oil Prices, Stimulus Hopes

The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, as oil prices surged and investors focused on progress in infrastructure talks in Washington as well as a potential government shutdown.

Oil prices climbed amid indications about a tightening of the crude market led by a global energy crisis.

U.S. House of Representatives Speaker Nancy Pelosi said the chamber is likely to pass $1 trillion infrastructure bill this week.

Pelosi added that she is trying to settle differences over $3.5 trillion reconciliation bill, as moderate and progressive Democrats disagree with price tag of the bill.

The House passed a continuing resolution last week to fund the government and avert a debt ceiling crisis before the October 1 deadline.

The aussie advanced to 0.7290 against the greenback, 80.67 against the yen and 1.6079 against the euro, up from its early lows of 0.7250, 80.22 and 1.6150, respectively. The aussie is seen locating resistance around 0.74 against the greenback, 82.00 against the yen and 1.58 against the euro.

The aussie appreciated to more than a 2-week high of 1.0377 against the kiwi, from a low of 1.0340 seen at 5:15 pm ET. If the aussie rises further, it may find resistance around the 1.06 level.

The aussie rebounded from an early nearly 5-week low of 0.9171 against the loonie, with the pair trading at 0.9203. The aussie is likely to face resistance around the 0.94 area.

The kiwi was up at 0.7033 against the greenback, 77.82 against the yen and 1.6670 against the euro, following its prior 4-day lows of 0.6993, 77.43 and 1.6750, respectively. On the upside, resistance is likely seen around 0.72 against the greenback, 80.00 against the yen and 1.64 against the euro.

Looking ahead, U.S. durable goods orders for August will be featured in the New York session.