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Forex News: Australian Dollar Climbs Ahead Of U.S.-China Trade Talks

Australian Dollar Climbs Ahead Of U.S.-China Trade Talks

10/08/2019 - 03:30:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its major counterparts in the Asian session on Tuesday amid rising risk appetite, as investors awaited China-US trade talks set to begin on Thursday.

Chinese Vice Premier Liu He is scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington.

White House economic adviser Larry Kudlow said he is hopeful about the trade talks with China, saying that the delegates are starting with a "clean slate, reopening the door."

"And as you know, Thursday and Friday, the principals' levels will be meeting and we are waiting for the Chinese offer. We are open, open to almost anything right now."

Survey data from IHS Markit showed that China's private sector expanded at the fastest pace in five months in September.

The Caixin composite output index rose to 51.9 in September from 51.6 in August. Any score above 50 indicates expansion in the sector.

The aussie rose to 1.6254 against the euro, from a low of 1.6305 seen at 7:30 pm ET. The aussie is seen finding resistance around the 1.60 level.

The aussie appreciated to 0.6756 against the greenback, after falling to a 5-day low of 0.6729 at 8:30 pm ET. The next possible resistance for the aussie is seen around the 0.71 level.

The aussie firmed to a weekly high of 72.54 against the yen from yesterday's closing value of 72.17. On the upside, 76.5 is possibly seen as the next resistance level for the aussie.

Recovering from a 5-day low of 0.8951 touched at 8:30 pm ET, the aussie edged higher to 0.8979 against the loonie. The currency is likely to locate resistance around the 0.92 level.

On the other side, the aussie held steady against the kiwi, after dropping to a 4-day low of 1.0677 at 11:00 pm ET. At yesterday's close, the pair was worth 1.0704.

Looking ahead, at 8:15 am ET, Canada housing starts for September are due.

Canada building permits for August and U.S. producer prices for September are scheduled for release in the New York session.

Federal Reserve Bank of Chicago President Charles Evans will deliver a speech at the Chicago Rotary Club Luncheon at 1:35 pm ET.

At 1:50 pm ET, Federal Reserve Chair Jerome Powell is set to give a speech titled "Data Dependence in an Evolving Economy" at the 61st Annual Meeting of the National Association of Business Economics in Denver.

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