The New Zealand dollar strengthened against other major currencies in the Asian session on Wednesday, as Asian stocks improved across most sectors, led by commodity-linked stocks amid a spike in commodity prices.

Crude oil prices climbed Tuesday on easing concerns about global banking sector woes, lifting the most active oil futures contract to a two-week closing high. West Texas Intermediate Crude oil futures for May ended higher by $0.39 or 0.5 percent at $73.20 a barrel.

Meanwhile, the traders became cautious, awaiting further updates on the health of the banking sector, and looking ahead to some crucial economic data for direction.

With the U.S. Fed signaling last week that it was expecting just one more interest rate increase this year, traders are looking for data for clues about the timing of the final rate hike.

CME Group's FedWatch Tool currently indicates a 59.4 percent chance that the Fed will leave rates unchanged at its next meeting in early May and a 40.6 percent chance of a 25 basis point increase.

The NZ dollar was steady against its major rivals on Tuesday.

In the Asian trading today, the NZ dollar rose to a 1-week high of 82.61 against the yen, and a 6-day high of 0.6271 against the U.S. dollar from yesterday's closing quotes of 81.85 and 0.6253, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 84.00 against the yen and 0.63 against the greenback.

Against the euro, the kiwi advanced to a 5-day high of 1.7283 from yesterday's closing value of 1.7333. The next possible upside resistance level for the kiwi is likely to be in 1.69 area.

The kiwi appreciated to a 5-day high of 1.0686 against the Australian dollar from yesterday's closing value of 1.0727. The AUD/NZD may find its resistance level around the 1.05 area.

In economic news, Australia's monthly Consumer Price Index (CPI) indicator in rose 6.8 percent in the year to February 2023, easing from a 7.4 percent gain in the year to January 2023 and coming in below the market consensus for a 7.1 percent rise. Inflation remained well above the Reserve Bank of Australia's target range of 2 to 3 percent.

Meanwhile, the safe-haven yen weakened against ist major rivals, as most Asian stocks rose on decelerating U.S. banking woes.

The Japanese yen fell to a 6-day low of 142.83 against the euro and a 1-week low of 162.42 against the pound from yesterday's closing quotes of 141.94 and 161.51, respectively. If the yen extends its downtrend, it may find support around 144.00 against the euro and 167.00 against the pound.

The yen edged down to 161.51 against the Swiss franc, from yesterday's closing value of 142.22. The yen may find support around the 147.00 area.

From yesterday's closing value of 87.79 against the Australian dollar, the yen dropped to a 6-day low of 88.30. The AUD/JPY may find its support level around the 90.00 area.

Against the U.S. and the Canadian dollars, the yen slipped to 1-week lows of 131.80 and 96.90 from yesterday's closing quotes of 130.81 and 96.15. On the downside, the yen may find its support level around 138.00 against the greenback and 99.00 against the loonie.

Looking ahead, Switzerland's economic sentiment index for March and U.K. mortgage approvals data for February are due to be released in the European session.

At 3:00 am ET, Governing Council of the ECB holds non-monetary policy meeting in Frankfurt, Berlin.

In the New York session, U.S. mortgage approvals data for March, pending home sales for February and U.S. EIA crude oil data are slated for release.

At 10:00 am ET, U.S. Federal Reserve Vice Chair for Supervision Michael Barr testifies on "Bank Supervision" before the House Financial Services Committee, in Washington D.C., U.S.

At 12:45 pm ET, Toni Gravelle Deputy Governor of the Bank of Canada delivers a speech at the National Bank Annual Financial Services Conference on the market liquidity measures taken during COVID, in Montreal, Canada.

At 2:50 pm ET, Catherine L. Mann, member of the Monetary Policy Committee of the Bank of England, participates as a panelist at the 39th Annual National Association for Business Economics (NABE) Economic Policy Conference on "Inflation and Monetary Policy," in London.

At 4:40 pm ET, ECB board member Isabel Schnabel participates in a panel discussion at 39th Annual National Association for Business Economics' (NABE) Economic Policy Conference, "Orienting Policy for a Polarized World," in Washington, D.C.

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