Australian Dollar Rises As Asian Stock Markets Traded Higher
20 Maggio 2024 - 5:48AM
RTTF2
The Australian dollar strengthened against other major
currencies in the Asian session on Monday, as Asian stock markets
traded higher, following the mixed cues from Wall Street on Friday,
after recent economic data has generated optimism about an interest
rate cut in the coming months, but comments from U.S. Fed officials
have put a damper on some of the cheer. Announcement of fresh
stimulus measures in China also boosted commodity prices.
Three top Fed officials urged patience on rate cuts until its
clear inflation is moderating back to the 2 percent target.
Nonetheless, CME Group's FedWatch Tool is still indicating an 83.6
percent chance interest rates will be a quarter point lower by
September.
Gains across most sectors led by mining and energy amid a spike
in commodity prices, also led to the upturn of investor
sentiment.
Crude oil prices rose amid easing inflation, data showing a drop
in inventories, and hopes of interest rate cuts. West Texas
Intermediate Crude oil futures for June climbed to $80.06 a barrel,
gaining $0.79 or more than 1 percent. WTI crude futures gained 2.3
percent in the week.
In the Asian trading today, the aussie rose to a 3-week high of
104.56 against the yen and nearly a 2-week high of 1.6214 against
the euro, from last week's closing quotes of 104.20 and 1.6239,
respectively. If the aussie extends its uptrend, it is likely to
find resistance around 106.00 against the yen and 1.61 against the
euro.
Against the U.S., the Canada and the New Zealand dollars, the
aussie advanced to 4-day highs of 0.6710, 0.9126 and 1.0944 from
Friday's closing quotes of 0.6693, 0.9112 and 1.0912, respectively.
The aussie may test resistance around 0.68 against the greenback,
0.92 against the loonie and 1.10 against the kiwi.
Looking ahead, Canadian stock markets are closed for Victoria
Day holiday.
Grafico Cross AUD vs CAD (FX:AUDCAD)
Da Mag 2024 a Giu 2024
Grafico Cross AUD vs CAD (FX:AUDCAD)
Da Giu 2023 a Giu 2024
