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Forex News: Australian Dollar Climbs Amid Risk Appetite

Australian Dollar Climbs Amid Risk Appetite

12/22/2017 - 02:29:00 (RTTNews)

(RTTNews) - The Australian dollar advanced against its major counterparts in the Asian session on Friday, as Asian shares rose following encouraging U.S. third quarter GDP data that pointed to a stable economic growth.

Official data showed that the U.S. economy grew 3.2 percent in the third quarter, which was the highest in more than two years.

Positive data on U.S. jobless claims, regional manufacturing activity and leading economic indicators also added to the upbeat sentiment.

Optimism that tax bill brought by the Republicans could give a boost to the U.S. economy also lifted shares.

The Congress averted a government shutdown by passing a shortgap spending bill to fund the government through January 19.

The aussie rose on Thursday. It climbed 0.5 percent against the euro and 0.4 percent each against the yen, the kiwi and the greenback.

The aussie climbed to 0.7719 against the greenback, its strongest since November 2. Continuation of the aussie's uptrend may see it challenging resistance around the 0.78 mark.

The aussie spiked up to a 6-week high of 87.46 against the yen, compared to 87.26 hit late New York Thursday. If the aussie extends rise, 88.5 is likely seen as its next resistance level.

The aussie hit a 2-day high of 1.0995 against the kiwi, up from Thursday's closing value of 1.0971. The next possible resistance for the aussie-kiwi pair is seen around the 1.11 level.

The aussie advanced to a weekly high of 1.5340 against the euro and held steady thereafter. The pair finished Thursday's deals at 1.5412.

The aussie edged up to 0.9838 against the loonie and held steady thereafter. The aussie-loonie pair was valued at 0.9808 when it closed deals on Thursday.

Looking ahead, Swiss KOF leading indicator for December and U.K. final GDP data for the third quarter are set for release in the European session.

In the New York session, Canada GDP data for October, U.S. durable goods orders and personal income and spending data for November as well as University of Michigan's final consumer sentiment index for December are set for release.

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