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Forex News: Australian Dollar Strengthens On Trade Deal Hopes

Australian Dollar Strengthens On Trade Deal Hopes

10/29/2019 - 03:18:00 (RTTNews)

(RTTNews) - The Australian dollar spiked up against its major counterparts in the Asian session on Tuesday, as sentiment lifted up on continued optimism over a trade deal between the U.S. and China.

U.S. President Donald Trump on Monday said that the first phase of a trade pact with China could be signed "ahead of schedule" and the aim was to sign the accord at the APEC summit between him and Xi in Chile next month.

Trump and his Chinese counterpart Xi Jinping are scheduled to attend the Asia-Pacific Economic Cooperation forum on November 16-17 in Santiago, Chile.

Expectations for another interest rate cut by the U.S. Federal Reserve, which is scheduled to announce its monetary policy decision on Wednesday, also boosted investor sentiment.

The Fed is expected to reduce rate by 25 basis points amid continued worries over a global economic slowdown.

The aussie advanced to a 6-day high of 0.6860 against the greenback and a 1-week high of 74.77 against the yen, from its early lows of 0.6836 and 74.48, respectively. The currency is seen locating resistance around 0.71 against the greenback and 76.5 against the yen.

Reversing from its early lows of 1.6236 against the euro and 0.8924 against the loonie, the aussie appreciated to a 4-week high of 1.6169 and a 5-day high of 0.8956, respectively. On the upside, 1.60 and 0.92 are likely seen as the next resistance levels for the aussie against the euro and the loonie, respectively.

The aussie recovered to 1.0776 against the kiwi, from a low of 1.0744 hit at 8:30 pm ET. The currency may possibly challenge resistance around the 1.11 level.

Looking ahead, U.K. consumer credit and mortgage approvals for September are due in the European session.

In the New York session, U.S. consumer confidence index for October, pending home sales for September and S&P/Case-Shiller home price index for August will be featured.

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