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Forex News: Australian Dollar Climbs On Recovery Hopes

Australian Dollar Climbs On Recovery Hopes

12/28/2021 - 02:51:00 (RTTNews)

(RTTNews) - The Australian dollar firmed against its major counterparts in the Asian session on Tuesday, as Asian shares are mostly higher on optimism that the Omicron coronavirus variant is unlikely to derail global economic growth.

The governments in France and Britain resisted imposing lockdowns despite high infection rates.

U.K. Health Secretary Sajid Javid said that the government will not impose additional restrictions in England before the New year.

France announced restrictions on large gatherings and ordered citizens to work from home for at least three days a week from January 3.

In addition, the People's Bank of China injected 200 billion yuan into the financial system via a seven-day reverse repurchase agreements to ease liquidity constraints.

The aussie advanced to a 5-day high of 0.7247 against the greenback and a 4-day high of 1.5629 against the euro, from its early lows of 0.7229 and 1.5662, respectively. The next possible resistance for the aussie is seen around 0.74 against the greenback and 1.53 against the euro.

The aussie jumped to near a 5-week high of 83.27 against the yen, from a low of 83.02 set at 7 pm ET. On the upside, 85.00 is seen as the next resistance level for the aussie.

The Australian currency bounced off to 1.0630 against the kiwi and 0.9265 against the loonie, following its previous low of 1.0606 and a 6-day low of 0.9239, respectively. If the aussie rises further, 1.09 and 0.94 are likely seen as its next resistance levels against the kiwi and the loonie, respectively.

Looking ahead, U.S. FHFA's house price index and S&P/Case-Shiller home price index for October will be out in the New York session.

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