Australian Dollar Advances On Rising Risk Appetite
February 11 2020 - 9:43PM
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The Australian dollar traded higher against its major rivals in
the Asian session on Wednesday amid rising risk appetite, as fears
about the coronavirus receded on news that the spread of the
infection has slowed in China.
U.S. President Donald Trump said Chinese President Xi Jinping
told him the deadly virus will be gone by April as temperatures
begin rising.
The new outbreak is hitting a peak and may be over by April,
Zhong Nanshan, an 83-year-old epidemiologist who won fame for
combating the SARS epidemic in 2003, said in an interview with
Reuters.
The optimism comes as the death toll from the epidemic climbed
past 1,100 and the World Health Organization warned of a "very
grave threat for the rest of the world".
Survey data from Westpac showed that Australia's consumer
confidence advanced in February but sentiment remained weak
overall.
The Westpac-Melbourne Institute Index of Consumer Sentiment rose
2.3 percent to 95.5 in February from 93.4 a month ago.
The aussie strengthened to a 6-day high of 0.6738 against the
greenback and a 5-day high of 74.03 against the yen, from its early
lows of 0.6712 and 73.69, respectively. The next possible
resistance for the aussie is seen around 0.71 against the greenback
and 76.00 against the yen.
The aussie hit more than a 2-week high of 1.6205 against the
euro, off its early low of 1.6267. If the aussie rises further,
1.60 is seen as its next resistance level.
In contrast, the aussie fell to a 5-day low of 1.0398 against
the kiwi, from yesterday's closing value of 1.0477. The aussie may
locate support around the 1.02 level.
Looking ahead, Eurozone industrial production for December is
due in the European session.
Federal Reserve Chair Jerome Powell will testify on the
Semiannual Monetary Policy Report before the Senate Banking
Committee in Washington DC at 10:00 am ET.
In the New York session, U.S. monthly budget statement for
January is scheduled for release.
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