Australian Dollar Rises As Asian Shares Traded Higher
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Thursday, as investors reacted positively to the weak U.S. PMI data that raised hopes the U.S. Fed would end its tightening campaign to avert a recession.
They also remain largely cautious, awaiting U.S. Fed Chair Jerome Powell's speech at the Jackson Hole Symposium this week for more clues about the economy and interest-rate outlook.
The Australian dollar traded higher against its major counterparts on Wednesday.
In the Asian trading today, the Australian dollar rose to a 9-day high of 1.6755 against the euro and a 2-day high of 94.08 against the yen, from yesterday's closing quotes of 1.6763 and 93.79, respectively. The aussie may test resistance near the 1.62 against the euro and 96.00 against the yen.
Against the U.S. and the New Zealand dollars, the aussie advanced to 9-day highs of 0.6489 and 1.0863 from Wednesday's closing quotes of 0.6476 and 1.0824, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.68 against the greenback and 1.09 against the kiwi.
The aussie edged up to 0.8769 against the Canadian dollar, from yesterday's closing value o f0.8759.
Looking ahead, Canada preliminary manufacturing sales data for July, U.S. durable goods order for July and U.S. weekly jobless claims data are due to be released in the New York session.
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