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Forex News: Australian Dollar Advances As Australia Approves Pfizer Vacc

Australian Dollar Advances As Australia Approves Pfizer Vaccine

01/25/2021 - 02:40:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major rivals in the Asian session on Monday, as the country has approved the Pfizer-BioNTech coronavirus vaccine, with the first doses to be given within weeks.

The Therapeutic Goods Administration, Australia's medical regulator, has provisionally approved the coronavirus vaccine by Pfizer and BioNTech, for use in the country. It is the first Covid-19 vaccine to receive approval in Australia.

Prime Minister Scott Morrison said that the rollout would start with "very small beginnings" in late February due to a delay in production and delivery.

The first dose of the vaccine will be given to a priority group of Australians, with the government planning for 80,000 doses a week.

Asian stock markets are mostly higher, as optimism about the prospects for additional stimulus in the U.S. as well as upbeat corporate earnings results helped offset worries about the rising number of coronavirus cases around the world.

Data from the Australian Bureau of Statistics showed that Australia's trade surplus increased in December as exports logged a monthly growth amid falling imports.

The trade surplus increased to A$8.96 billion from A$1.53 billion in November.

The aussie climbed to 0.7747 against the greenback, after falling to 0.7705 at 5:00 pm ET. The aussie is poised to find resistance around the 0.80 mark.

The aussie reversed from an early low of 80.00 against the yen, with the pair trading at 80.34. Further uptrend may take the aussie to a resistance around the 82.00 level.

After a drop to 1.5785 at 5:45 pm ET, the aussie edged higher to 1.5724 against the euro. On the upside, 1.54 is possibly seen as its next resistance level.

The aussie hit 0.9832 against the loonie, setting a 6-day high. The aussie is seen finding resistance around the 1.00 mark.

On the other hand, the aussie hovered at a 2-week low of 1.0727 against the kiwi. If the aussie falls further, it may find support around the 1.03 level.

Looking ahead, German Ifo business sentiment index for January is due in the European session.

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