The Aussie rises against major currencies
2018-09-14 08:42 am | Resource: News | No Views : 64
The Australian dollar rose against its major counterparts in late Asian session on Friday amid risk appetite as investors welcomed the news of a new round of US-China talks in the coming days.
Chinese officials welcomed a call by US Treasury Secretary Stephen Menuchin for new talks. However, US President Donald Trump softened market optimism as the US chased "without pressure to make a deal with China."
Two-thirds of US companies in China said they were hurt by the $ 50 billion initial tariffs in tariffs introduced by the United States and China.
The Trump Administration is preparing another $ 200 billion worth of Chinese goods, a move many fear will escalate the conflict between the world's two largest economies.
In the meantime, a set of Chinese data painted a mixed picture of the economy.
China's retail sales rose 9.0 percent year-on-year in August, according to the National Bureau of Statistics, beating forecasts for a 8.8 percent increase.
Industrial production advanced 6.1 percent a year - matching expectations and rising from 6.0 percent in the previous month.
Fixed asset investment rose 5.3 percent a year, and expectations were shy at 5.6 percent and fell from 5.5 percent the previous month. The unemployment rate surveyed came in at 5.0 percent - down from 5.1 percent in July.
The Australian dollar traded against major currencies
- The Australian dollar rose to 80.71 against the yen and 0.7209 against the dollar, from an early low of 80.35 and 0.7177, respectively.
- The Australian dollar rose to 1.0947 against the New Zealand dollar and 0.9366 against the Canadian dollar, reversing the previous low of 1.0919 and 0.9329 respectively.
- The Australian Dollar advanced to 1.6230 against the Euro, from the low of 1.6286 to the Leoman
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The USDJPY faced resistance and selling pressures around level of 114.08 to retreat below the lower boundary of the rising wedge pattern around the 113.68 level In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USD/JPY will target…
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