Forex News: Australian Dollar Advances On China Optimism

Australian Dollar Advances On China Optimism

(RTTNews) - The Australian dollar climbed against its major counterparts in the European session on Monday, as optimism over China's economic recovery lifted risk sentiment.

Investors awaited the minutes of the Federal Reserve's recent meeting for more clarity on the monetary policy outlook.

China left its benchmark lending rates unchanged on Monday, as widely expected.

The People's Bank of China retained its one-year loan prime rate, or LPR, at 3.65 percent. The five-year LPR, the benchmark for mortgage rates, was kept unchanged at 4.30 percent.

Oil prices rose following last week's steep losses after the United States reported higher crude and gasoline inventories.

The aussie touched 1.1087 against the kiwi, its strongest level since October 27. Next immediate resistance for the currency is seen around the 1.12 level. The aussie advanced to 4-day highs of 0.6915 against the greenback and 1.5476 against the euro, from its early lows of 0.6862 and 1.5560, respectively. The aussie is seen facing resistance around 0.72 against the greenback and 1.53 against the euro.

The aussie firmed to 5-day highs of 92.74 against the yen and 0.9308 against the loonie, off its early lows of 92.10 and 0.9255, respectively. The aussie may find resistance around 94.00 against the yen and 0.94 against the loonie.

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