Australian Dollar Advances On Recovery Hopes
January 18 2021 - 10:32PM
RTTF2
The Australian dollar firmed against its major counterparts in
Asian trading on Tuesday, as investors remained hopeful that
economic growth in China will help support growth in the Asian
region.
Data released on Monday showed that China's economy gathered
momentum towards the end of 2020.
Janet Yellen will appear before the Senate Finance Committee for
her confirmation hearing as Treasury Secretary.
Yellen is likely to urge them to "act big" to ramp up the
recovery.
The inauguration of President-elect Joe Biden is due on
Wednesday. Biden has set an ambitious goal of 100 million Covid
vaccinations and mandating everyone to wear a mask to address the
pandemic in his first 100 days in office.
The aussie climbed to 4-day highs of 80.31 against the yen and
0.7719 against the greenback, off its early lows of 79.53 and
0.7670, respectively. Next key resistance for the aussie is seen
around 84.00 against the yen and 0.79 against the greenback.
The aussie rose to 1.5672 against the euro and 0.9830 against
the loonie, from its early low of 1.5734 and more than a 2-week low
of 0.9786, respectively. The aussie is likely to challenge
resistance around 1.56 against the euro and 1.00 against the
loonie.
The aussie spiked up to more than a 3-month high of 1.0819
against the kiwi, after falling to 1.0795 in early deals. On the
upside, 1.10 is seen as its next resistance level.
Looking ahead, German ZEW economic sentiment for January is due
out in the European session.
In the New York session, Canada manufacturing sales for November
are set for release.
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