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Forex News: Australian Dollar Higher Amid Oil Rally

Australian Dollar Higher Amid Oil Rally

03/04/2021 - 05:19:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Thursday, as oil prices rose before a meeting of the Organization of the Petroleum Exporting Countries and allies that is likely to consider favoring production cuts amid tepid demand due to the virus crisis.

Hopes of the cartel refraining from raising output in April sent oil above $61 a barrel.

Official report showing a record drop in U.S. gasoline inventories last week further underpinned oil prices.

The Energy Information Administration reported that gasoline stocks dropped by 13.6 million barrels in the wake of a deep freeze that shut down refineries in several states.

Data from the Australian Bureau of Statistics showed that Australia recorded a seasonally adjusted merchandise trade surplus of A$10.412 billion in January.

That easily beat forecasts for a surplus of A$6.5 billion following the upwardly revised A$7.133 billion surplus in December.

Separate report showed that Australia retail sales rose a seasonally adjusted 0.5 percent on month in January - coming in at A$30.512 billion.

That was shy of expectations for an increase of 0.6 percent following the 4.1 percent decline in December.

The aussie spiked up to 1.5428 against the euro and 0.7815 against the greenback, following its early 3-day low of 1.5542 and a 2-day low of 0.7752, respectively. The aussie is seen finding resistance around 1.50 against the euro and 0.82 against the greenback.

The aussie appreciated to a 6-day high of 83.78 against the yen, compared to a 2-day low of 83.01 seen in early deals. On the upside, 86.00 is possibly seen as its next resistance level.

The aussie edged up to 0.9875 against the loonie, after falling to a 2-day low of 0.9824 at 6:15 pm ET. The aussie is poised to find resistance around the 1.00 level.

The aussie reversed from its early 2-day low of 1.0709 against the kiwi and rose to 1.0751. The next likely resistance for the aussie is seen around the 1.09 level.

Looking ahead, U.S. weekly jobless claims for the week ended February 27 and factory orders for January are scheduled for release in the New York session.

Federal Reserve Chair Jerome Powell speaks about the U.S. economy at an online event hosted by the Wall Street Journal at 12:05 pm ET.

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