The Australian dollar climbed against its major counterparts in the Asian session on Wednesday, as most Asian shares rose following a positive close on Wall Street overnight, after U.S. President Donald Trump remarked that the U.S.-China trade talks are “going very well.”
U.S.-China trade talks resumed in Washington on Tuesday, after signaling progress in several issues on talks held last week.
Trump said that talks are “going very well” and again indicated the March 1 deadline for raising tariffs could be postponed.
Data from the Australian Bureau of Statistics showed that Australia wage prices rose a seasonally adjusted 0.5 percent on quarter in the fourth quarter of 2018.
That was shy of expectations for an increase of 0.6 percent, which would have been unchanged.
On a yearly basis, wage prices advanced 2.3 percent – unchanged and matching forecasts.
The aussie firmed to 2-week highs of 0.7177 against the greenback and 79.57 against the yen, from its early lows of 0.7151 and 79.13, and held steady thereafter. The next possible resistance for the aussie is seen around 0.74 against the greenback and 81.5 against the yen.
The Australian currency appreciated to a weekly high of 1.0434 against the kiwi, off an early low of 1.0401, and moved sideways in subsequent deals. If the aussie rises further, 1.06 is likely seen as its next resistance level.
The aussie bounced off to 1.5819 against the euro, from an early low of 1.5867, and traded sideways in later part of the session. Next key resistance for the aussie is seen around the 1.56 mark.
The aussie reached as high as 0.9471 against the loonie and has been moving sideways thereafter. On the upside, 0.96 is possibly seen as its next resistance level.
Looking ahead, at 10:00 am ET, Eurozone flash consumer sentiment index for February is due.
The Fed will release minutes from January 29-30 meeting at 2 pm ET.
The material has been provided by InstaForex Company – www.instaforex.com