Australian Dollar Rallies As EU Stimulus Package, Vaccine Hopes Lift Stocks
2020年7月21日 - 12:53PM
RTTF2
The Australian dollar climbed against its major rivals in the
Asian session on Tuesday amid risk appetite, as European Union
leaders agreed on recovery package and news from Pfizer and German
company BioNTech raised expectation for a potential coronavirus
vaccine.
The €750 billion package is aimed to help the bloc's countries
worst affected by the coronavirus crisis.
The emergency fund consists of 390 billion euros of grants and
360 billion euros of low-interest loans.
EU officials also reached deal on the bloc's 2021-27 budget
worth about €1.1 trillion.
Pfizer and German biotech firm BioNTech announced positive
results on a potential coronavirus vaccine in an early trial.
Separately, AstraZeneca, which is developing a cornoavirus
vaccine in partnership with the University of Oxford, said that its
vaccine showed promising immune response in the more than 1,000
patients involved in the phase 1 and phase 2 trials.
In economic news, members of the Reserve Bank of Australia's
monetary policy board acknowledged that the country's current
economic struggles are its most severe downturn since the Great
Depression of the 1930s, minutes from the central bank's July 7
meeting has revealed.
The members added that the economic downturn was not restricted
to just Australia, as the whole world attempted to grapple with the
aftermath of the COVID-19 pandemic.
The aussie firmed to 1-1/2-month highs of 0.7053 against the
greenback and 75.67 against the yen, after falling to 0.7011 and
75.13, respectively in previous deals. The aussie may locate
resistance around 0.73 against the greenback and 78.00 against the
yen.
Reversing from its early lows of 1.0659 against the kiwi and
1.6325 against the euro, the aussie spiked up to a 3-week high of
1.0716 and an 8-day high of 1.6252, respectively. If the aussie
extends its rally, 1.09 and 1.58 are likely seen as its next
resistance levels against the kiwi and the euro, respectively.
The aussie rose to a 6-day high of 0.9518 against the loonie,
from a low of 0.9481 seen at 12:00 am ET. Further rise in the
aussie may see resistance around the 0.98 area.
Looking ahead, Canada retail sales for May and new housing price
index for June are due in the New York session.
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