Australian Dollar Higher Amid Oil Rally
04 March 2021 - 4:19PM
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The Australian dollar climbed against its major counterparts in
the Asian session on Thursday, as oil prices rose before a meeting
of the Organization of the Petroleum Exporting Countries and allies
that is likely to consider favoring production cuts amid tepid
demand due to the virus crisis.
Hopes of the cartel refraining from raising output in April sent
oil above $61 a barrel.
Official report showing a record drop in U.S. gasoline
inventories last week further underpinned oil prices.
The Energy Information Administration reported that gasoline
stocks dropped by 13.6 million barrels in the wake of a deep freeze
that shut down refineries in several states.
Data from the Australian Bureau of Statistics showed that
Australia recorded a seasonally adjusted merchandise trade surplus
of A$10.412 billion in January.
That easily beat forecasts for a surplus of A$6.5 billion
following the upwardly revised A$7.133 billion surplus in
December.
Separate report showed that Australia retail sales rose a
seasonally adjusted 0.5 percent on month in January - coming in at
A$30.512 billion.
That was shy of expectations for an increase of 0.6 percent
following the 4.1 percent decline in December.
The aussie spiked up to 1.5428 against the euro and 0.7815
against the greenback, following its early 3-day low of 1.5542 and
a 2-day low of 0.7752, respectively. The aussie is seen finding
resistance around 1.50 against the euro and 0.82 against the
greenback.
The aussie appreciated to a 6-day high of 83.78 against the yen,
compared to a 2-day low of 83.01 seen in early deals. On the
upside, 86.00 is possibly seen as its next resistance level.
The aussie edged up to 0.9875 against the loonie, after falling
to a 2-day low of 0.9824 at 6:15 pm ET. The aussie is poised to
find resistance around the 1.00 level.
The aussie reversed from its early 2-day low of 1.0709 against
the kiwi and rose to 1.0751. The next likely resistance for the
aussie is seen around the 1.09 level.
Looking ahead, U.S. weekly jobless claims for the week ended
February 27 and factory orders for January are scheduled for
release in the New York session.
Federal Reserve Chair Jerome Powell speaks about the U.S.
economy at an online event hosted by the Wall Street Journal at
12:05 pm ET.
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