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Forex News: Australian Dollar Rises As Asian Stock Markets Traded

Australian Dollar Rises As Asian Stock Markets Traded Higher

05/19/2023 - 03:27:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Friday, as Asian stock markets traded higher on Friday, following the broadly positive cues from global markets overnight amid optimism lawmakers will eventually reach an agreement on raising the U.S. debt ceiling to avoid a default. However, worries about inflation and the outlook for interest rates weighed on sentiment.

Following a meeting earlier in the week, President Joe Biden as well as House Speaker Kevin McCarthy, R-Calif. expressed optimism that a deal will be reached.

In the Asian trading today, the Australian dollar rose to more than a 2-week high of 91.95 against the yen and a 3-day high of 1.6215 against the euro from yesterday's closing quotes of 91.84 and 1.6258, respectively. If the aussie extends its uptrend, it is likely to find resistance around 94.00 against the yen and 1.56 against the euro.

Against the U.S. and the Canadian dollars, the aussie advanced to 0.6642 and 0.8959 from yesterday's closing quotes of 0.6622 and 0.8936, respectively. The aussie may test resistance around 0.68 against the greenback and 0.91 against the loonie.

Moving away from an early low of 1.0616 against the NZ dollar, the aussie edged up to 1.0638. On the upside, 1.09 is seen as the next resistance around the 1.09 area.

Looking ahead, Canada retail sales data for March and U.S. Baker Hughes oil rig count data are due to be released in the New York session.

At 8:45 am ET, Federal Reserve Bank of New York President John Wiliams will deliver a speech before the Thomas Laubach Research Conference organized by the Federal Reserve Board of Governors, in Washington D.C.

At 9:00 am ET, Federal Reserve Board Governor Michelle Bowman will participate in a discussion before the Texas Bankers Association 138th Annual Convention, in San Antonio, Texas.

At 10:55 am ET, ECB board member Isabel Schnabel will deliver a speech at the Conference on Financial Stability and Monetary Policy in the honour of Charles Goodhart, followed by the opening of the Charles Goodhart Library, in London.

Five minutes later, Federal Reserve Chair Jerome Powell will participate in "Perspectives on Monetary Policy" panel before the Thomas Laubach Research Conference hosted by the Federal Reserve, in Washington D.C.

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