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New Zealand Dollar Climbs Amid Risk Appetite

The New Zealand dollar advanced against its major opponents in the European session on Friday, as European shares rose, with investors monitoring the Fed policy outlook.

Market participants digested hawkish comments from Fed officials indicating the possibility of a 'higher for longer' rate outlook.

Oil prices rose as a surge in virus cases in China fuelled concerns about demand outlook.

A pullback in the dollar also underpinned oil prices, as a weaker currency makes oil attractive for purchases in other currencies.

The kiwi appreciated to a 2-day high of 0.6177 against the greenback and a 3-day high of 1.6776 against the euro, from its early lows of 0.6114 and 1.6925, respectively. The
kiwi is seen finding resistance around 0.64 against the greenback and 1.65 against the euro.

The kiwi touched 86.54 against the yen, its strongest level since November 9. Next immediate resistance for the kiwi is seen around the 88.00 level.

Against the aussie, the kiwi reached nearly a 7-month high of 1.0861. The currency is likely to find resistance around the 1.06 level.

Looking ahead, Canada industrial product price index and U.S. existing home sales for October are set for release in the New York session.

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