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Forex News: Australian Dollar Rises As Asian Stock Markets Traded

Australian Dollar Rises As Asian Stock Markets Traded Higher

05/20/2024 - 03:48:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Monday, as Asian stock markets traded higher, following the mixed cues from Wall Street on Friday, after recent economic data has generated optimism about an interest rate cut in the coming months, but comments from U.S. Fed officials have put a damper on some of the cheer. Announcement of fresh stimulus measures in China also boosted commodity prices.

Three top Fed officials urged patience on rate cuts until its clear inflation is moderating back to the 2 percent target. Nonetheless, CME Group's FedWatch Tool is still indicating an 83.6 percent chance interest rates will be a quarter point lower by September.

Gains across most sectors led by mining and energy amid a spike in commodity prices, also led to the upturn of investor sentiment.

Crude oil prices rose amid easing inflation, data showing a drop in inventories, and hopes of interest rate cuts. West Texas Intermediate Crude oil futures for June climbed to $80.06 a barrel, gaining $0.79 or more than 1 percent. WTI crude futures gained 2.3 percent in the week.

In the Asian trading today, the aussie rose to a 3-week high of 104.56 against the yen and nearly a 2-week high of 1.6214 against the euro, from last week's closing quotes of 104.20 and 1.6239, respectively. If the aussie extends its uptrend, it is likely to find resistance around 106.00 against the yen and 1.61 against the euro.

Against the U.S., the Canada and the New Zealand dollars, the aussie advanced to 4-day highs of 0.6710, 0.9126 and 1.0944 from Friday's closing quotes of 0.6693, 0.9112 and 1.0912, respectively. The aussie may test resistance around 0.68 against the greenback, 0.92 against the loonie and 1.10 against the kiwi.

Looking ahead, Canadian stock markets are closed for Victoria Day holiday.

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