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Forex News: Australian Dollar Rises Amid Rising Risk Appetite

Australian Dollar Rises Amid Rising Risk Appetite

03/29/2017 - 02:32:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against the other major currencies in the Asian session on Wednesday amid rising risk appetite, tracking the positive lead overnight from Wall Street after data showed that U.S. consumer confidence rose to a sixteen-year high in March. Higher crude oil prices also lifted investor sentiment.

Nevertheless, investors are cautious as they await the start of the Brexit process today. UK Prime Minister Theresa May is expected to trigger Article 50 later on Wednesday, which would begin the Brexit process. The UK government will deliver a letter to the European Council president Donald Tusk, the mechanism for starting the Brexit process.

Crude oil delivery for May is currently up by 0.18 percent or $48.55 per barrel. Crude oil futures rallied amid news that Libya has halted the pipeline from its biggest field.

In the Asian trading, the Australian dollar rose to a 5-day high of 1.4123 against the euro, from yesterday's closing value of 1.4159. The aussie may test resistance around the 1.39 region.

Against the U.S. dollar and the yen, the aussie advanced to 6-day highs of 0.7657 and 85.17 from yesterday's closing quotes of 0.7633 and 84.85, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.77 against the greenback and 86.00 against the yen.

Against the New Zealand and the Canadian dollars, the aussie climbed to an 8-day high of 1.0925 and a 1-week high of 1.0241 from yesterday's closing quotes of 1.0882 and 1.0216, respectively. The aussie is likely to find resistance around 1.10 against the kiwi and 1.03 against the loonie.

Looking ahead, Swiss KOF institute spring economic forecast, Swiss ZEW economic expectation index for March and U.K. mortgage approvals for February are slated for release later in the day.

In the New York session, U.S. pending home sales data for February and U.S. crude oil inventories data are set to be published.

At 9:20 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about the current economic conditions and monetary policy at the International Capital Markets Conference, in Frankfurt.

At 11:30 am ET, Federal Reserve Bank of Boston President Eric Rosengren is expected to speak on the economic outlook before members of the Boston Economic Club and Federal Reserve staff.

At 12:50 pm ET, European Central Bank Executive Board Member Peter Praet will deliver a speech at the "2017 Harvard Law Europe - US Symposium on International Financial Systems", in Frankfurt.

At 1:15 pm ET, Federal Reserve Bank of San Francisco President John Williams will deliver a speech on "From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes" before the Forecasters Club of New York.

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