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Forex - AUD/USD higher as risk appetite recovers

Published 10/06/2011, 03:54 AM
Updated 10/06/2011, 03:54 AM

Investing.com - The Australian dollar was higher against its U.S. counterpart on Thursday, as risk appetite was boosted after upbeat U.S. employment data while investors eyed the outcome of the European Central Bank's policy meeting later in the day.

AUD/USD hit 0.9685 during late Asian trade, the pair's highest since October 3; the pair subsequently consolidated at 0.9697, rising 0.39%.

The pair was likely to find 0.9524, the low of October 3 and resistance at 0.9806, the high of September 30.

The ECB was widely expected to leave rates unchanged at 1.5%, amid concerns over consistently high inflation, despite calls for a rate cut to support faltering growth in the single currency bloc.

Market sentiment strengthened amid signs of progress in tackling the euro zone debt crisis after European Union leaders agreed that more needed to be done to protect the region’s banks.

Risk appetite was also boosted after a report on Wednesday showed that U.S. private sector employment rose more-than-expected last month.

Meanwhile, the Aussie was up against the euro with AUD/EUR gaining 0.37%, to hit 0.7265.

Later in the day, the U.S. Department of Labor was to release weekly data on unemployment claims.

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