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Forex News: Australian Dollar Higher Amid Rising Risk Appetite

Australian Dollar Higher Amid Rising Risk Appetite

09/28/2020 - 03:36:00 (RTTNews)

(RTTNews) - The Australian dollar appreciated against its most major counterparts in the Asian session on Monday, as most Asian markets rose following the positive cues from Wall Street on Friday and on upbeat China data released over the weekend.

Data from National Bureau of Statistics showed that China's industrial profits grew for the fourth straight month in August.

Industrial profits rose 19 percent year-on-year to 612.81 billion yuan in August, following a 19.6 percent increase in July.

Rising hopes for fresh stimulus also boosted sentiment. House Speaker Nancy Pelosi said on Sunday that Democrats are working on an aid package worth $2.4 trillion with Treasury Secretary Stephen Mnuchin.

Investor focus on the first debate between U.S. President Donald Trump and Democratic candidate Joe Biden on Tuesday.

The aussie strengthened to a 4-day high of 1.6473 against the euro, after dropping to 1.6537 at 6:00 pm ET. On the upside, 1.62 is seen as its next likely resistance level.

The aussie reversed from its early lows of 0.7029 against the greenback, 0.9405 against the loonie and 1.0719 against the kiwi and rose to 0.7063, 0.9449 and 1.0769, respectively. The aussie is seen finding resistance around 0.72 against the greenback, 0.96 against the loonie and 1.09 against the kiwi.

But the aussie eased off to 74.18 against the yen, from a high of 74.43 set at 10:10 pm ET. The next possible support for the aussie is seen around the 72.00 level.

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