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Forex News: Australian Dollar Advances On Improved Risk Sentiment

Australian Dollar Advances On Improved Risk Sentiment

12/09/2021 - 02:22:00 (RTTNews)

(RTTNews) - The Australian dollar firmed against its major counterparts in the Asian session on Thursday, as risk sentiment improved on hopes that the omicron Covid variant is unlikely to derail the global economic recovery.

Investors digested preliminary results suggesting that a third dose of the Covid-19 vaccine produced by Pfizer and BioNTech was able to neutralize the Omicron variant.

The companies said that three doses could provide protection to a level similar to the initial two dose series.

The results helped soothe worries about the severity of the disease and its impact on global recovery.

The U.S. inflation data for November is due on Friday, which is likely to influence the Fed's interest rate trajectory.

Fed Chair Jerome Powell said last week that the central bank is considering to accelerate the tapering of bond purchases, which will be put into a discussion at the meeting next week.

The aussie appreciated to near a 2-week high of 0.7186 against the greenback and near a 2-month high of 1.0537 against the kiwi, after dropping to 0.7158 and 1.0516, respectively earlier in the session. The next possible resistance for the aussie is seen around 0.73 against the greenback and 1.075 against the kiwi.

Rebounding from its early lows of 0.9061 against the loonie and 1.5836 against the euro, the aussie moved higher to a 1-week high of 0.9096 and a 10-day high of 1.5769, respectively. If the aussie rises further, it may find resistance around 0.92 against the loonie and 1.54 against the euro.

The aussie edged up to 81.67 against the yen, following a low of 81.42 seen at 10:45 pm ET. The currency is likely to locate resistance around the 84.00 level.

Looking ahead, Destatis is slated to issue German trade data at 2:00 am ET.

Swiss SECO economic forecasts are due in the European session.

U.S. weekly jobless claims for the week ended December 4 and wholesale inventories for October will be out in the New York session.

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