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Forex News: Australian Dollar Climbs Amid Risk Appetite

Australian Dollar Climbs Amid Risk Appetite

10/14/2020 - 06:39:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its major counterparts in the European session on Wednesday, as European shares rose despite concerns about halted Covid-19 vaccine trials and a stimulus deadlock.

U.S. House Speaker Nancy Pelosi rejected a $1.8 trillion relief proposal from the White House, claiming the proposal "falls significantly short of what this pandemic and deep recession demand." She still hopes a deal can be reached.

Senate Majority Leader Mitch McConnell has announced the Senate will vote on a more limited stimulus bill once lawmakers return from recess on October 19.

Investors focused on a summit of EU leaders on Thursday and Friday, in which Brexit talks are on the agenda.

EU leaders told the U.K. on Tuesday to offer concessions on fisheries, dispute settlement and guarantees of fair competition in order to progress towards the agreement.

UK Prime Minister Boris Johnson is set to hold a call with European Commission President Ursula von der Leyen later in the day.

Survey data from Westpac showed that Australia's consumer confidence improved sharply in October following the announcement of the federal budget and the ongoing success in containing the Covid-19 outbreak.

The Westpac-Melbourne Institute Index of Consumer Sentiment advanced 11.9 percent to 105.0 in October from 93.8 in September.

The aussie approached a 2-day high of 1.6337 versus the euro, after falling to 1.6407 at 9:15 pm ET. The aussie is poised to find resistance around the 1.62 area.

The aussie recovered from a 1-week low of 75.36 against the yen, reaching as high as 75.72. Further uptrend may take the aussie to a resistance around the 78.00 level.

Reversing from its early lows of 0.7152 against the greenback and 0.9399 against the loonie, the aussie edged higher to 0.7182 and 0.9430, respectively. The aussie is seen finding resistance around 0.75 against the greenback and 0.96 against the loonie.

In contrast, the aussie hovered at more than a 2-week low of 1.0753 against the kiwi. Next key support for the aussie is seen around the 1.06 region.

Looking ahead, U.S. PPI for September is scheduled for release in the New York session.

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