The Australian dollar spiked up against its key counterparts in the Asian session on Wednesday, as optimism about the development of coronavirus vaccines and progress on U.S. stimulus talks underpinned risk sentiment.

While the U.K. has started the rollout of the vaccine, U.S. authorities gave early indications that they may grant emergency-use authorization to Pfizer's vaccine.

U.S. Treasury Secretary Steven Mnuchin proposed $916 billion stimulus plan on Tuesday, but House Speaker Nancy Pelosi said that the package is unacceptable.

Congressional leaders remain adamant a deal must be struck to mitigate the economic fallout from the coronavirus pandemic, which surpassed 15 million on Tuesday.

Investors shrugged off downbeat inflation data from China.

Data from the National Bureau of Statistics showed that China consumer prices fell 0.5 percent on year in November.

That missed expectations for a flat reading following the 0.5 percent increase in October.

Survey data from Westpac showed that Australia's consumer confidence reached its highest level in a decade in November after the relaxation of Covid-19 control measures.

The Westpac-Melbourne Institute Index of Consumer Sentiment climbed 4.1 percent to 112 in December from 107.7 in November. This was the highest reading since October 2010.

The aussie advanced to a 3-month high of 77.64 against the yen, from a low of 77.11 hit at 6:30 pm ET. If the aussie continues its uptrend, 80.00 is possibly seen as its next resistance level.

The aussie strengthened to 2-day highs of 0.7453 against the greenback, 1.6286 against the euro and 0.9535 against the loonie, from its previous lows of 0.7405, 1.6348 and 0.9491, respectively. The aussie is seen finding resistance around 0.78 against the greenback, 1.58 against the euro and 0.98 against the loonie.

The aussie bounced off to 1.0542 against the kiwi, after falling to a 5-day low of 1.0512 at 5:00 pm ET. The aussie is poised to target resistance around the 1.075 mark.

Looking ahead, U.S. wholesale inventories for October will be published in the New York session.

At 10:00 am ET, the Bank of Canada announces decision on interest rates. Economists forecast the benchmark rate to remain at 0.25 percent.

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