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Forex News: Australian Dollar Climbs Amid Risk Appetite

Australian Dollar Climbs Amid Risk Appetite

04/19/2018 - 03:12:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Thursday, erasing its early losses, as optimism about global economic growth and strong corporate earnings results boosted investor sentiment.

Oil held steady near 2014-highs after reports that top oil exporter Saudi Arabia would be happy to see crude prices surge up to $100 a barrel over the coming months.

The aussie that briefly fell following the release of weaker than employment report for March pared losses during the course of the session.

Data from the Australian Bureau of Statistics showed Australia's unemployment rate came in at a seasonally adjusted 5.5 percent in March.

That was in line with expectations and unchanged from the February reading following a downward revision from 5.6 percent.

The Australian economy added 4.900 jobs last month - well shy of estimates for an increase of 20,000 following the increase of 17,500 in the previous month.

The aussie climbed to 1.0661 against the kiwi, its highest since March 29. This may be compared to a low of 1.0608 hit at 6:45 pm ET. The aussie is seen finding resistance around the 1.08 region.

The aussie advanced to a 2-week high of 0.9857 against the loonie and a 5-week high of 0.7813 against the greenback, from its early lows of 0.9817 and 0.7764, respectively. If the aussie rises further, it may find resistance around 1.00 against the loonie and 0.80 against the greenback.

The aussie strengthened to a 6-day high of 83.94 against the yen and a 3-day high of 1.5849 against the euro, up from its previous lows of 83.40 and 1.5929, respectively. The aussie is likely to find resistance around 85.00 against the yen and 1.56 against the euro.

Looking ahead, Eurozone current account for February and U.K. retail sales for March are due in the European session.

Federal Reserve Governor Lael Brainard will speak about regulatory reform at the Global Finance Forum in Washington DC at 8:00 am ET.

In the New York session, U.S. weekly jobless claims for the week ended April 14 and leading index for March are scheduled for release.

Federal Reserve Governor Randal Quarles testifies on supervision and regulation before the Senate Banking Committee in Washington DC at 9:30 am ET.

The Bank of England Deputy Governor Jon Cunliffe will speak at the Global Finance Forum in Washington DC at 12:30 pm ET.

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