Australian Dollar Appreciates Amid Risk Appetite
June 11 2021 - 02:11AM
RTTF2
The Australian dollar climbed against its major rivals in the
European session on Friday amid risk appetite, as bond yields fell
from the United States to Europe despite signs of rising U.S.
inflation.
Investors are pinning hopes that rising price pressures will be
transitory and the Federal Reserve is unlikely to withdraw monetary
support any time soon.
Investors await the Federal Reserve's monetary policy meeting
next week for more clues about the state of the economy and policy
outlook.
Traders were also relieved after no new coronavirus cases were
reported in Australia's second-most populous state of Victoria on a
day when the Melbourne area ended lockdown.
The aussie reversed from its early lows of 1.0763 against the
kiwi and 1.5731 against the euro, rising to a 3-week high of 1.0796
and more than a 3-week high of 1.5659, respectively. The aussie is
likely to challenge resistance around 1.09 against the kiwi and
1.54 against the euro.
The aussie hit more than 2-week highs of 0.7776 against the
greenback and 0.9393 against the loonie, off its prior lows of
0.7745 and 0.9367, respectively. If the aussie rises further, 0.80
and 0.95 are likely seen as its next resistance levels against the
greenback and the loonie, respectively.
The aussie climbed to a 9-day high of 85.05 against the yen,
from a low of 84.69 seen at 5 pm ET. On the upside, 88.00 is
possibly seen as the next resistance level.
Looking ahead, the University of Michigan's U.S. preliminary
consumer sentiment index for June will be featured in the New York
session.
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