Australian Dollar Rises As Most Asian Stock Markets Trade Higher
July 13 2017 - 10:51PM
RTTF2
The Australian dollar strengthened against other major
currencies in the Asian session on Friday, as most Asian stock
markets traded higher, though gains are modest in most markets.
Dovish comments from Federal Reserve Chair Janet Yellen and
optimism about corporate earnings lifted investor sentiment.
Federal Reserve Chair Janet Yellen's second day of testimony on
Capitol Hill also attracted attention when she said gradual
interest rate hikes are appropriate over the next few years.
Crude oil delivery for August is up by 0.02 percent of $46.10per
barrel. The crude oil prices rebounded, a day after data confirmed
the biggest drop in U.S. inventories fell the most in ten
months.
The Energy Information Administration said crude inventories
plunged by 7.6 million barrels, the biggest drop in ten months, as
refining activity picked up.
Thursday, the Australian dollar had shown mixed trading against
its major rivals. While the aussie rose against the U.S. dollar,
the yen, and the euro, it fell against the NZ dollar. Against the
Canadian dollar, the aussie held steady.
In the Asian trading, the Australian dollar rose to nearly a
near 4-month high of 0.7746 against the U.S. dollar and nearly a
5-month high of 87.90 against the yen, from yesterday's closing
quotes of 0.7728 and 87.55, respectively. If the aussie extends its
uptrend, it is likely to find resistance around 0.78 against the
greenback and 89.00 against the yen.
Against the euro, the New Zealand and the Canadian dollars, the
aussie advanced to 1.4715, 1.0581 and 0.9864 from yesterday's
closing quotes of 1.4744, 1.0558 and 0.9833, respectively. On the
upside, 1.46 against the euro, 1.07 against the kiwi, and 1.01
against the loonie are seen as the next resistance levels for the
aussie.
In today's events, Eurozone trade balance for May is due to be
released at 5:00 am ET.
In the New York session, U.S. CPI data, retail sales data and
industrial production, all for June, U.S. business inventories for
May, U.S. University of Michigan's preliminary consumer sentiment
index for July and U.S. Baker Hughes rig count data are slated for
release.
At 9:30 am ET, Federal Reserve Bank of Dallas President Robert
Kaplan is to speak about the Federal Reserve and monetary policy at
the Center for Economic Studies of the Private Sector, in Mexico
City.
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