Australian Dollar Advances Amid Rising Risk Appetite
20 February 2019 - 1:15PM
RTTF2
The Australian dollar climbed against its major counterparts in
the Asian session on Wednesday, as most Asian shares rose following
a positive close on Wall Street overnight, after U.S. President
Donald Trump remarked that the U.S.-China trade talks are "going
very well."
U.S.-China trade talks resumed in Washington on Tuesday, after
signaling progress in several issues on talks held last week.
Trump said that talks are "going very well" and again indicated
the March 1 deadline for raising tariffs could be postponed.
Data from the Australian Bureau of Statistics showed that
Australia wage prices rose a seasonally adjusted 0.5 percent on
quarter in the fourth quarter of 2018.
That was shy of expectations for an increase of 0.6 percent,
which would have been unchanged.
On a yearly basis, wage prices advanced 2.3 percent - unchanged
and matching forecasts.
The aussie firmed to 2-week highs of 0.7177 against the
greenback and 79.57 against the yen, from its early lows of 0.7151
and 79.13, and held steady thereafter. The next possible resistance
for the aussie is seen around 0.74 against the greenback and 81.5
against the yen.
The Australian currency appreciated to a weekly high of 1.0434
against the kiwi, off an early low of 1.0401, and moved sideways in
subsequent deals. If the aussie rises further, 1.06 is likely seen
as its next resistance level.
The aussie bounced off to 1.5819 against the euro, from an early
low of 1.5867, and traded sideways in later part of the session.
Next key resistance for the aussie is seen around the 1.56
mark.
The aussie reached as high as 0.9471 against the loonie and has
been moving sideways thereafter. On the upside, 0.96 is possibly
seen as its next resistance level.
Looking ahead, at 10:00 am ET, Eurozone flash consumer sentiment
index for February is due.
The Fed will release minutes from January 29-30 meeting at 2 pm
ET.
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