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Forex News: Australian Dollar Climbs On Trade Talk Optimism

Australian Dollar Climbs On Trade Talk Optimism

04/03/2019 - 02:57:00 (RTTNews)

(RTTNews) - The Australian dollar spiked up against its major counterparts in the Asian session on Wednesday amid risk appetite on optimism about U.S.-China trade talks.

The Financial Times reported that the U.S. and China have resolved most of the outstanding issues and are drawing closer to a final trade agreement. White House economic adviser Larry Kudlow also said on Tuesday that the world's two largest economies "expect to make more headway" in trade talks this week.

In economic news, data from the Australian Bureau of Statistics showed that Australia's retail sales rose a seasonally adjusted 0.8 percent on month in February - coming in at A$27.27 billion. That beat expectations for an increase of 0.3 percent following the 0.1 percent gain in January.

Separate data showed that Australia posted a seasonally adjusted merchandise trade surplus of A$4.80 billion in February. That beat expectations for a surplus of A$3.70 billion and was up from A$4.55 billion in January. Exports were flat on month at A$39.83 billion, while imports fell 1.0 percent to A$35.03 billion.

The aussie advanced to 0.7115 against the greenback, from a low of 0.7054 touched at 8:00 pm ET. Next key resistance for the aussie is likely seen around the 0.73 region.

Having dropped to a 6-day low of 1.5880 against the euro at 8:00 pm ET, the aussie reversed direction and climbed to 1.5778. The aussie is seen finding resistance around the 1.56 level.

Following a 5-day low of 78.49 hit at 8:15 pm ET, the aussie changed direction, reaching as high as 79.30 against the yen. If the aussie rises further, 80.5 is likely seen as its next resistance level.

The latest survey from Nikkei showed that Japan's services sector continued to expand in March, albeit at a slightly lower pace, with a services PMI score of 52.0.

That's down from 52.3 in February, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The Australian currency appreciated to 0.9468 against the loonie, from a session's low of 0.9415 seen at 6:45 pm ET. On the upside, 0.965 is possibly seen as the next resistance level for the aussie.

The aussie firmed to 1.0494 against the kiwi, from an early low of 1.0450, and held steady thereafter. The aussie is poised to find resistance around the 1.07 level.

Looking ahead, PMI reports from major European economies and Eurozone retail sales for February are due in the European session.

ADP private payrolls data for March is slated for release at 8:15 am ET.

The U.S. ISM non-manufacturing composite index and Markit's services PMI for March will be out in the New York session.

For comments and feedback: contact editorial@rttnews.com

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