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The Australian dollar strengthened against the other major currencies in the Asian session on Friday amid risk appetite following the positive lead from Wall Street overnight and a rebound in the price of crude oil.
Disappointing U.S. economic data released overnight eased worries about an interest rate hike by the Federal Reserve at its meeting next week. Both the Federal Reserve and the Bank of Japan will hold their monetary policy meetings next week.
Crude for October delivery climbed $0.33 or 0.8 percent to $43.91 a barrel on the New York Mercantile Exchange Thursday. Crude oil prices rose, taking back some of this week's significant losses.
The outlook for global demand improved a bit as stocks rallied on speculation the Federal Reserve will keep interest rates low through the year.
Thursday, the Australian dollar showed mixed trading against its major rivals. While the aussie rose against the U.S. dollar, the euro and the Canadian dollar, it fell against the yen.
Meanwhile, the aussie held steady against the NZ dollar.
In the Asian trading, the Australian dollar rose to 3-day highs of 0.7527 against the U.S. dollar and 1.4936 against the euro, from yesterday's closing quotes of 0.7514 and 1.4959, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.77 against the greenback and 1.45 against the euro.
The aussie advanced to 0.9892 against the Canadian dollar, from an early low of 0.9869. This may be compared to an early 8-day high of 0.9896. The aussie may test resistance around the 1.00 area. Against the yen and the NZ dollar, the aussie edged up to 76.84 and 1.0283 from yesterday's closing quotes of 76.69 and 1.0268, respectively. The aussie is likely to find resistance around 79.00 against the yen and 1.05 against the kiwi.
Looking ahead, Canada manufacturing sales data for July, U.S. CPI data for August, the University of Michigan's final U.S. consumer confidence index for September and U.S. Baker Hughes rig count data are due for release in the New York session. Meanwhile, the Chinese banks market be closed in observance of the Mid-Autumn Festival holiday.
