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Forex News: Australian Dollar Rises As U.S. Govt. Shutdown Concerns

Australian Dollar Rises As U.S. Govt. Shutdown Concerns Ease

09/30/2021 - 04:44:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major opponents in the Asian session on Thursday, as Senate Majority Leader Chuck Schumer said that Senators have reached a deal to avoid a government shutdown on October 1.

The Senate will vote on legislation today, which will keep the government funded through December 3.

Senate Republicans blocked the House plan on Monday amid clashes over raising the debt ceiling.

Official data showed that China's service sector activity expanded in September but factory activity contracted unexpectedly.

Non-manufacturing PMI came in with a score of 53.2, moving up into expansion after posting a score of 47.5 in August.

Data from the Australian Bureau of Statistics showed that Australia building approvals rose a seasonally adjusted 6.8 percent on month in August - coming in at 18,716.

That blew away forecasts for a decline of 5.0 percent following the 8.6 percent drop in July.

The aussie advanced to 80.73 against the yen and 0.9180 against the loonie, off its early lows of 80.26 and 0.9143, respectively. The aussie is seen finding resistance around 82.5 against the yen and 0.94 against the loonie.

The aussie jumped to 1.0484 against the kiwi, its strongest level since August 20. If the aussie rises further, it may find resistance around the 1.06 level.

Reversing from its early lows of 0.7170 against the greenback and 1.6165 against the euro, the aussie edged up to 0.7215 and 1.6085, respectively. The next possible resistance for the aussie is seen around 0.75 against the greenback and 1.59 against the euro.

Looking ahead, Eurozone jobless rate for August will be released in the European session.

At 8.00 am ET, Destatis is scheduled to issue German preliminary consumer inflation for September.

The U.S. weekly jobless claims for the week ended September 25 and final GDP data for the second quarter are due out in the New York session.

Federal Reserve Bank of New York President John Williams is scheduled to deliver opening remarks at a webinar about the Fed's pandemic response hosted by the bank at 10:00 am ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak about economic mobility at an online event hosted by Georgia Tech University at 11:00 am ET.

At 12:30 pm ET, Federal Reserve Bank of Chicago President Charles Evans will deliver a speech about the economic outlook at an online event hosted by the Bendheim Center for Finance.

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