Australian Dollar Climbs Ahead Of U.S.-China Trade Talks
October 07 2019 - 11:30PM
RTTF2
The Australian dollar strengthened against its major
counterparts in the Asian session on Tuesday amid rising risk
appetite, as investors awaited China-US trade talks set to begin on
Thursday.
Chinese Vice Premier Liu He is scheduled to meet U.S. Trade
Representative Robert Lighthizer and Treasury Secretary Steven
Mnuchin in Washington.
White House economic adviser Larry Kudlow said he is hopeful
about the trade talks with China, saying that the delegates are
starting with a "clean slate, reopening the door."
"And as you know, Thursday and Friday, the principals' levels
will be meeting and we are waiting for the Chinese offer. We are
open, open to almost anything right now."
Survey data from IHS Markit showed that China's private sector
expanded at the fastest pace in five months in September.
The Caixin composite output index rose to 51.9 in September from
51.6 in August. Any score above 50 indicates expansion in the
sector.
The aussie rose to 1.6254 against the euro, from a low of 1.6305
seen at 7:30 pm ET. The aussie is seen finding resistance around
the 1.60 level.
The aussie appreciated to 0.6756 against the greenback, after
falling to a 5-day low of 0.6729 at 8:30 pm ET. The next possible
resistance for the aussie is seen around the 0.71 level.
The aussie firmed to a weekly high of 72.54 against the yen from
yesterday's closing value of 72.17. On the upside, 76.5 is possibly
seen as the next resistance level for the aussie.
Recovering from a 5-day low of 0.8951 touched at 8:30 pm ET, the
aussie edged higher to 0.8979 against the loonie. The currency is
likely to locate resistance around the 0.92 level.
On the other side, the aussie held steady against the kiwi,
after dropping to a 4-day low of 1.0677 at 11:00 pm ET. At
yesterday's close, the pair was worth 1.0704.
Looking ahead, at 8:15 am ET, Canada housing starts for
September are due.
Canada building permits for August and U.S. producer prices for
September are scheduled for release in the New York session.
Federal Reserve Bank of Chicago President Charles Evans will
deliver a speech at the Chicago Rotary Club Luncheon at 1:35 pm
ET.
At 1:50 pm ET, Federal Reserve Chair Jerome Powell is set to
give a speech titled "Data Dependence in an Evolving Economy" at
the 61st Annual Meeting of the National Association of Business
Economics in Denver.
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