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Forex News: Australian Dollar Rises Amid Risk Appetite

Australian Dollar Rises Amid Risk Appetite

10/17/2017 - 01:10:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Tuesday amid risk appetite, as Asian shares rose tracking fresh record highs on Wall Street as well as on firm commodity prices.

Comments by Federal Reserve Chair Janet Yellen, who reiterated her belief that additional gradual interest rate hikes are likely to be appropriate over the next few years, also supported stocks.

Minutes from the Reserve Bank of Australia's October 3 meeting showed that members of the Reserve Bank of Australia said that the country's economy was strengthening in line with expectations.

Price pressure remained broadly subdued, the minutes said, thanks in part to a strengthening Australian dollar and a softening greenback. At the meeting, the RBA kept its benchmark lending rate unchanged at the record low of 1.50 percent, as expected.

The Australian Bureau of Statistics said the total number of new motor vehicle sales in Australia was down a seasonally adjusted 0.5 percent on month in September, standing at 98,882. That follows the flat reading in August.

The currency was lower against its major rivals on Monday.

The aussie rose to 1.5004 against the euro, off its early 4-day low of 1.5039. If the aussie rises further, 1.49 is possibly seen as its next resistance level.

The aussie, having fallen to a 2-week low of 1.0895 against the kiwi at 5:45 pm ET, reversed direction and edged up to 1.0956. Continuation of the aussie's uptrend may see it challenging resistance around the 1.11 area.

The aussie bounced off to 0.7853 against the greenback, from a 4-day low of 0.7835 hit at 9:55 pm ET. On the upside, the aussie may challenge resistance around the 0.795 region.

The aussie gained to 0.9837 against the loonie, from an early 4-day low of 0.9820. The next possible resistance for the aussie-loonie pair is seen around the 0.99 mark.

On the flip side, the aussie fell to 87.79 against the yen and held steady thereafter. The pair finished Monday's trading at 88.06.

Looking ahead, U.K. producer and consumer price indices and Eurozone final CPI for September as well as German ZEW economic sentiment index for October is set for release in the European session.

U.S. import and export prices and industrial production for September, along with NAHB housing market index for October are due in the New York session.

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