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Forex News: Australian Dollar Rises Amid Risk Appetite

Australian Dollar Rises Amid Risk Appetite

10/27/2023 - 03:49:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Friday, as traders reacted positively to easing geopolitical tensions in the Middle East after Israel heeded to US' request to delay its Gaza invasion.

The upside has been limited due to the stronger than expected US GDP data that raised concerns the US Fed will leave interest rates higher for longer than expected.

Gains in technology and financial stocks, also turned up the investor sentiment.

In the Asian trading today, the Australian dollar rose to 2-day highs of 1.6635 against the euro and 95.33 against the yen, from yesterday's closing quotes of 1.6704 and 95.06, respectively. The aussie may test resistance near 1.64 against the euro and 97.00 against the yen.

Against the U.S., the New Zealand and the Canadian dollars, the aussie advanced to 2-day highs of 0.6351, 1.0901 and 0.8767 from Thursday's closing quotes of 0.6321, 1.0855 and 0.8743, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.65 against the greenback, 1.10 against the kiwi and 0.88 against the loonie.

Looking ahead, Canada wholesale sales data for September, Canada budget balance report for August, U.S. price index for September, U.S. personal income and spending for September, U.S. University of Michigan consumer sentiment for October and U.S. Baker Hughes rig count data are due to be released in the New York session.

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