logo
  

Australian Dollar Extends Gain Amid Risk Appetite

The Australian dollar continued to be strong against the other major currencies in the Asian session on Thursday, with rising iron ore and commodity prices, including crude oil lifting investor sentiment.

Crude oil for June delivery are currently up $0.03 to $44.21 a barrel.

Oil price rose after data showed a smaller-than-expected build in U.S. crude inventories. The U.S. Energy Information Administration reported a 2.1 million-barrel climb in crude-oil supplies for the week ended April 15. That's less than the 3 million-barrel increase reported by industry watcher API yesterday.

Wednesday, the Australian dollar rose 0.03 percent against the U.S. dollar, 0.40 percent against the yen, 0.31 percent against the euro and 0.37 percent against the NZ dollar. Meanwhile, the aussie fell 0.30 percent against the Canadian dollar

In the Asian trading, the Australian dollar rose to nearly a 5-month high of 1.4451 against the euro, nearly a 3-week high of 85.85 against the yen and a 6-day high of 1.1209 against the NZ dollar, from yesterday's closing quotes of 1.4489, 85.60 and 1.1157, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.37 against the euro, 87.00 against the yen and 1.13 against the kiwi.

Against the U.S. and the Canadian dollars, the aussie edged up to 0.7817 and 0.9875 from yesterday's closing quotes of 0.7793 and 0.9858, respectively. The aussie may test resistance near 0.79 against the greenback and 1.00 against the loonie.

Looking ahead, U.K. retail sales data and public sector finance data, for March, are slated for release in the European session.

The European Central bank will announce its interest rate decision at 7:45 am ET. The bank is expected to keep its refinancing rate unchanged at 0.00 percent.

Following the announcement, European Central Bank President Mario Draghi will hold the customary post-meeting press conference at 8:30 am ET in Frankfurt.

In the New York session, U.S. weekly jobless claims for the week ended April 16, U.S. house price index for February, Eurozone consumer confidence index for April, U.S. leading indicators for March and U.S. Philadelphia Fed's manufacturing index for April are set to be published.

At 10:00 am ET, Bank of England Governor Mark Carney will deliver a speech titled "How the financial system can support delivery of the United Nation's Sustainable Development Goals, including for employment and growth, investment, and climate action," at the United Nations, in New York.

For comments and feedback contact: editorial@rttnews.com

Business News

Major central banks, led by the U.S. Fed, dominated the economics scene this week with some delivering histroic shifts. In the U.S., the Fed was in focus as Chair Jerome Powell announced the latest policy decision and forward guidance. In Asia, all eyes were on the Bank of Japan as markets waited to see if the central bank would exit its ultra loose monetary policy. Find out how the Swiss central bank gave a surprise in Europe and learn what is the path ahead for U.K. interest rates.

View More Videos
Follow RTT