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Forex News: Australian Dollar Up Amid Rising Risk Appetite

Australian Dollar Up Amid Rising Risk Appetite

05/01/2017 - 03:53:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Monday amid rising risk appetite despite the negative cues from Wall Street on Friday.

Data from the Australian Industry Group showed that the manufacturing sector in Australia continued to expand in April at a faster pace, with a Performance of Manufacturing Index score of 59.2. That's up from 57.5 in March. This boosted investor sentiments.

Last Friday, the Australian dollar had shown mixed trading against its major rivals. While the Australian dollar rose against the yen, the Canadian and the New Zealand dollars, it fell against the euro. Against the U.S. dollar, the aussie held steady.

In the Asian trading, the Australian dollar rose to a 1-month high of 1.0924 against the NZ dollar, from Friday's closing value of 1.0899. The aussie may test resistance around the 1.10 area.

Against the U.S. and the Canadian dollars, the aussie advanced to a 4-day high of 0.7495 and a 6-day high of 1.0248 from last week's closing quotes of 0.7486 and 1.0217, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.75 against the greenback, and 1.03 against the loonie.

Against the euro and the yen, the aussie climbed to 5-day highs of 1.4520 and 83.86 from last week's closing quotes of 1.4549 and 83.47, respectively. On the upside, 1.43 against the euro and 85.00 against the yen are seen as the next resistance levels for the aussie.

Looking ahead, at 7:45 am ET, U.S. Treasury Secretary Steven Mnuchin is expected to speak at the Milken Conference in Los Angeles.

In the New York session, U.S. personal income and spending data for March, Markit's U.S. and Canada manufacturing PMI for April and U.S. construction spending for March are due to be released.

Most of the global markets are closed for the Labor Day.

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