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Forex News: Australian Dollar Climbs On Easing Fed Rate Hike

Australian Dollar Climbs On Easing Fed Rate Hike Concerns

12/30/2022 - 04:33:00 (RTTNews)

(RTTNews) - The Australian dollar advanced against its most major counterparts in the European session on Friday, as higher-than-expected U.S. weekly jobless claims lessened concerns over future rate hikes by the Federal Reserve.

Overnight data showed that first-time claims for U.S. unemployment benefits rose slightly more than expected in the week ended December 24.

The data pointed to a softening of the labor market amid Fed's attempts to tame inflation.

Investor sentiment improved after Italian Prime Minister Giorgia Meloni said that Chinese travellers who were tested positive for coronavirus are carriers of Omicron variants already found in the country.

Elsewhere, the head of the World Health Organization said the restrictions some countries were introducing in a bid to avoid importing new variants from China were "understandable" given the lack of information out of Beijing.

The aussie rose to 2-day highs of 0.6797 against the greenback and 1.5691 against the euro, from its early lows of 0.6754 and 1.5789, respectively. The next possible resistance for the aussie is seen around 0.71 against the greenback and 1.52 against the euro.

The aussie strengthened to a 2-day high of 1.0722 against the kiwi and a fresh 2-week high of 0.9202 against the loonie, off its early lows of 1.0660 and 0.9155, respectively. The aussie is seen finding resistance around 1.09 against the kiwi and 0.94 against the loonie.

In contrast, the aussie fell against the yen, hitting a 3-day low of 89.46. On the downside, 84.00 is likely seen as the next support level for the aussie.

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