Australian Dollar Higher Amid Rising Risk Appetite
March 26 2020 - 11:22PM
RTTF2
The Australian dollar strengthened against its major
counterparts in the Asian session on Friday, as most Asian shares
rose on optimism about the U.S. stimulus package to mitigate the
fallout from the coronavirus crisis.
This offset negative sentiment after a report by the U.S. Labor
Department showed a spike in first-time jobless claims for the week
ended March 21.
The US Senate passed the relief package late Wednesday, which
includes cash payments to American taxpayers and aid to small
businesses and core industries.
The House of Representatives is expected to vote on the
legislation later in the day.
G20 leaders pledged to inject over $5 trillion into the global
economy to limit job and income losses from the coronavirus and "do
whatever it takes to overcome the pandemic."
The aussie rose to 0.6126 against the greenback, its strongest
since March 17. On the upside, 0.68 is seen as the next resistance
level for the aussie.
The aussie advanced to 2-day highs of 1.0249 against the kiwi,
0.8581 against the loonie and 1.8054 against the euro, from its
early lows of 1.0152, 0.8474 and 1.8286, respectively. The next
possible resistance for the aussie is seen around 1.045 against the
kiwi, 0.90 against the loonie and 1.61 against the euro.
The Australian currency bounced off to 66.43 against the yen,
from a low of 65.80 set at 9:10 pm ET. If the aussie rises further,
75.00 is likely seen as its next resistance level. Looking ahead,
U.S. personal income and spending data for February and University
of Michigan's final consumer sentiment index for March will be
featured in the New York session.
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