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Forex News: Australian Dollar Appreciates Amid Risk Appetite

Australian Dollar Appreciates Amid Risk Appetite

06/11/2021 - 07:11:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major rivals in the European session on Friday amid risk appetite, as bond yields fell from the United States to Europe despite signs of rising U.S. inflation.

Investors are pinning hopes that rising price pressures will be transitory and the Federal Reserve is unlikely to withdraw monetary support any time soon.

Investors await the Federal Reserve's monetary policy meeting next week for more clues about the state of the economy and policy outlook.

Traders were also relieved after no new coronavirus cases were reported in Australia's second-most populous state of Victoria on a day when the Melbourne area ended lockdown.

The aussie reversed from its early lows of 1.0763 against the kiwi and 1.5731 against the euro, rising to a 3-week high of 1.0796 and more than a 3-week high of 1.5659, respectively. The aussie is likely to challenge resistance around 1.09 against the kiwi and 1.54 against the euro.

The aussie hit more than 2-week highs of 0.7776 against the greenback and 0.9393 against the loonie, off its prior lows of 0.7745 and 0.9367, respectively. If the aussie rises further, 0.80 and 0.95 are likely seen as its next resistance levels against the greenback and the loonie, respectively.

The aussie climbed to a 9-day high of 85.05 against the yen, from a low of 84.69 seen at 5 pm ET. On the upside, 88.00 is possibly seen as the next resistance level.

Looking ahead, the University of Michigan's U.S. preliminary consumer sentiment index for June will be featured in the New York session.

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