Australian Dollar Climbs On Stimulus Hopes
September 08 2019 - 11:19PM
RTTF2
The Australian dollar was higher against its major counterparts
in the Asian session on Monday amid rising risk appetite, as weak
economic data from the U.S. and China raised hopes of further
stimulus from global central banks.
Data released Friday showed weaker than expected U.S. jobs
growth in the month of August, while data from China showed that
the country's exports unexpectedly fell in the month.
Sentiment lifted up after Fed Chair Jerome Powell reiterated his
soft-repeated pledge that the Federal Reserve will "act as
appropriate" to sustain the U.S. economic expansion.
Data from the Australian Bureau of Statistics showed that
Australia's mortgage approvals increased more-than-expected in
July.
The number of owner occupier loans increased 4.2 percent, much
larger than the expected growth of 1.5 percent.
The aussie strengthened to 0.6863 against the greenback, its
strongest since August 1. The currency is likely to find resistance
around the 0.71 level.
The aussie that closed Friday's trading at 73.19 against the yen
appreciated to near a 6-week high of 73.35. On the upside, 76.00 is
likely seen as the next resistance level for the aussie.
The aussie firmed to more than a 6-week high of 1.6067 against
the euro from Friday's closing value of 1.6096. The next possible
resistance for the aussie is seen around the 1.59 level.
The Australian currency bounced off to 0.9035 against the
loonie, from a session's low of 0.9006 hit at 5:00 pm ET. If the
aussie rises further, 0.92 is likely seen as its next resistance
level.
The aussie recovered to 1.0675 against the kiwi, from a
session's low of 1.0632 seen at 9:15 pm ET. Next likely resistance
for the aussie is seen around the 1.08 level.
Looking ahead, Eurozone Sentix investor sentiment index for
September, U.K. industrial production, manufacturing production,
construction output, trade and GDP data, all for July, are due in
the European session.
In the New York session, U.S. consumer credit for July is
scheduled for release.
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