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Forex News: Australian Dollar Climbs As Fed Hints At Slowdown

Australian Dollar Climbs As Fed Hints At Slowdown In Rate Hikes

11/24/2022 - 03:20:00 (RTTNews)

(RTTNews) - The Australian dollar moved up against its most major counterparts in the Asian session on Thursday, as risk sentiment improved after the minutes from the Federal Reserve's latest policy meeting showed that the pace of interest rate increases would slow soon.

The minutes said a "substantial majority" of meeting participants judged that a slowdown in the pace of rate hikes would likely "soon be appropriate."

A slower pace of rate hikes would better allow the Fed to assess progress toward its goals of maximum employment and price stability, the minutes said.

Market participants widely expect the Fed to raise rates by 50 basis points in December.

U.S. markets will be closed on account of the Thanksgiving holiday.

The aussie climbed to 0.6768 against the greenback, its highest level since November 16. The aussie is seen finding resistance around the 0.69 level.

The aussie was up against the loonie, at nearly a 3-month high of 0.9023. If the aussie continues its rise, 0.92 is possibly seen as its next resistance level.

The aussie edged up to 1.0811 against the kiwi and 1.5428 against the euro, from its prior lows of 1.0773 and 1.5459, respectively. Next key resistance for the currency is likely seen around 1.10 against the kiwi and 1.52 against the euro.

In contrast, the aussie pulled back against the yen, with the pair trading at 93.74. The aussie may find support around the 90.00 level.

Looking ahead, Germany's ifo business confidence survey data for November is due in the European session.

At 7.30 am ET, the European Central Bank is scheduled to publish the account of the monetary policy meeting of the Governing Council held on October 26 and 27.

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