Australian Dollar Rises Amid Risk Appetite
19 January 2024 - 12:14PM
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The Australian dollar strengthened against other major
currencies in the Asian session on Friday amid risk appetite, as
markets were boosted by the rally in technology stocks that
mirrored their peers on Nasdaq. Mining and energy stocks were also
up amid a rebound in commodity prices.
Crude oil prices climbed higher, lifted by data showing a drop
in U.S. crude inventories last week, and on higher forecasts for
global demand. West Texas Intermediate Crude oil futures for
February rallied $1.52 at $74.08 a barrel.
On Thursday, the Australian dollar started rebounding from early
losses against its major rivals. Meanwhile, the aussie slipped as
the Australian economy jobs lost in December.
In the Asian trading now, the Australian dollar rose to an 8-day
high of 97.69 against the yen and a 2-day high of 1.6513 against
the euro, from yesterday's closing quotes of 97.33 and 1.6541,
respectively. If the aussie extends its uptrend, it is likely to
find resistance around 99.00 against the yen and 1.62 against the
euro.
Against the U.S. and the Canadian dollars, the aussie advanced
to 2-day highs of 0.6590 and 0.8884 from Thursday's closing quotes
of 0.6570 and 0.8860, respectively. The aussie may test resistance
around 0.67 against the greenback and 0.90 against the loonie.
The aussie climbed to nearly a 2-week high of 1.0788 against the
NZ dollar, from yesterday's closing value of 1.0741. On the upside,
1.08 is seen as the next resistance level for the aussie.
Looking ahead, U.K. retail sales for December, Germany and
Switzerland producer prices data for December, are slated for
release in the pre-European session.
At 4:30 am ET, ECB board member Elizabeth McCaul will
participate at 12th Institute for Law and Finance (ILF) Conference
on the Future of the Financial Sector "Navigating higher rates,
volatility and liquidity crises: Finance and Regulation in the New
Monetary Order" in Frankfurt, Germany.
At 5:00 am ET, European Central Bank President Christine Lagarde
participates in stakeholder dialogue "the Global Economic Outlook"
during World Economic Forum in Davo, Switzerland.
In the New York session, Canada retail sales data for November,
U.S. University of Michigan consumer sentiment for January, U.S.
existing home sales data for December and U.S. Baker Huges oil rig
count data are set to be published.
At 1:00 pm ET, Federal Reserve Vice Chair for Supervision
Michael Barr participates in discussion on "Bank Regulation" before
the Responsible AI Symposium: Advancing a Blueprint for Tech
Equity" hosted by the National Fair Housing Alliance, in Washington
D.C., U.S.
At 4:15 pm ET, Federal Reserve Bank of San Francisco President
Mary Daly will participate in fireside chat before hybrid event, "A
Future Outlook: Innovation & Economic Growth in San Diego",
California, U.S.
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