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Forex News: Australian Dollar Extends Rally

Australian Dollar Extends Rally

10/18/2019 - 07:23:00 (RTTNews)

(RTTNews) - The Australian dollar continued to be higher against its major counterparts in the European session on Friday, as upbeat Chinese industrial production figures offset concerns over weak GDP data.

Data from the National Bureau of Statistics showed that Chinese industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations.

Nonetheless, GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, Growth was forecast to slow marginally to 6.1 percent.

Underlying sentiment was subdued amid doubts about the merits of Boris Johnson's Brexit deal and about the likelihood of the deal getting through the British parliament.

Speaking to a forum at the International Monetary Fund's annual meeting in Washington, Reserve Bank of Australia Governor Philip Lowe said negative interest rates are extraordinarily unlikely.

"I'm not going to speculate on negative interest rates or quantitative easing in Australia, other than to say negative interest rates are extraordinarily unlikely in my country."

The currency has been trading modestly higher against its most major counterparts in the Asian session.

The aussie strengthened to more than a 4-week high of 0.6842 against the greenback from Thursday's closing value of 0.6824. The currency may possibly challenge resistance around the 0.71 level.

The aussie rose to 74.35 against the yen, from a low of 74.07 hit at 7:45 pm ET. The aussie is seen locating resistance around the 79.00 level.

Japan's government lowered its economic assessment as exports are expected to remain weak for a longer period.

The cabinet office repeated that the economy is recovering at a moderate pace but said the "weakness lasting longer mainly in exports." In September, the report said the weakness is continuing mainly in exports.

The aussie edged higher to 1.6265 against the euro, following a decline to 1.6307 at 7:45 pm ET. If the aussie rallies further, it is likely to test resistance around the 1.60 mark.

The Australian currency was trading higher at 0.8986 against the loonie, up from Thursday's closing value of 0.8964. On the upside, 0.92 is possibly seen as its next resistance level.

The aussie rebounded to 1.0741 against the kiwi, from a 2-day low of 1.0716 seen at 12:15 am ET. The next possible resistance for the aussie is seen around the 1.08 level.

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

For comments and feedback: contact editorial@rttnews.com

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