Australian Dollar Rises As Asian Shares Traded Higher

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Wednesday, after Asian stock markets traded mostly higher, as worries about the outlook for interest rates eased a bit after dovish comments from some U.S. Fed officials lowered expectations for further interest rate hikes for now.

Mining stocks are also gaining amid a spike in metal prices.

The Australian dollar started rising against the U.S. dollar, the yen and the euro from 4th October onwards. Against the Canadian dollar, the aussie started rising from 6th October.

In the Asian trading now, the Australian dollar rose to a 1-month high of 0.8749 against the Canadian dollar, from yesterday's closing value of 0.8735. On the upside, the aussie may test resistance near the 0.88 region.

Against the U.S. dollar and the yen, the aussie advanced to 9-day highs of 0.6446 and 95.73 from yesterday's closing quotes of 0.6431 and 95.63, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.65 against the greenback and 97.00 against the yen.

Against the euro and the New Zealand dollar, the aussie edged up to 1.6468 and 1.0659 from Tuesday's closing quotes of 1.6485 and 1.0633, respectively. The kiwi is likely to find its upward target near 1.63 against the euro and 1.07 against the kiwi.

Looking ahead, U.S. MBA mortgage approvals data, Canada building permits for August and U.S. PPI for September are slated for release in the New York session.

At 2:00 pm ET, U.S. Federal Open Market Committee (FOMC) issues minutes from its meeting of September 19-20 in Washington D.C.