Australian Dollar Climbs Amid Risk Appetite
22 December 2017 - 1:29PM
RTTF2
The Australian dollar advanced against its major counterparts in
the Asian session on Friday, as Asian shares rose following
encouraging U.S. third quarter GDP data that pointed to a stable
economic growth.
Official data showed that the U.S. economy grew 3.2 percent in
the third quarter, which was the highest in more than two
years.
Positive data on U.S. jobless claims, regional manufacturing
activity and leading economic indicators also added to the upbeat
sentiment.
Optimism that tax bill brought by the Republicans could give a
boost to the U.S. economy also lifted shares.
The Congress averted a government shutdown by passing a shortgap
spending bill to fund the government through January 19.
The aussie rose on Thursday. It climbed 0.5 percent against the
euro and 0.4 percent each against the yen, the kiwi and the
greenback.
The aussie climbed to 0.7719 against the greenback, its
strongest since November 2. Continuation of the aussie's uptrend
may see it challenging resistance around the 0.78 mark.
The aussie spiked up to a 6-week high of 87.46 against the yen,
compared to 87.26 hit late New York Thursday. If the aussie extends
rise, 88.5 is likely seen as its next resistance level.
The aussie hit a 2-day high of 1.0995 against the kiwi, up from
Thursday's closing value of 1.0971. The next possible resistance
for the aussie-kiwi pair is seen around the 1.11 level.
The aussie advanced to a weekly high of 1.5340 against the euro
and held steady thereafter. The pair finished Thursday's deals at
1.5412.
The aussie edged up to 0.9838 against the loonie and held steady
thereafter. The aussie-loonie pair was valued at 0.9808 when it
closed deals on Thursday.
Looking ahead, Swiss KOF leading indicator for December and U.K.
final GDP data for the third quarter are set for release in the
European session.
In the New York session, Canada GDP data for October, U.S.
durable goods orders and personal income and spending data for
November as well as University of Michigan's final consumer
sentiment index for December are set for release.
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