Australian, NZ Dollars Weaken On Fed Tapering Fears
19 Agosto 2021 - 9:33AM
RTTF2
The Australian and NZ dollars declined against their major
counterparts in the European session on Thursday amid risk
aversion, as Fed tapering fears intensified after the minutes
indicated that most officials favor the stimulus withdrawal to
begin later this year.
The Fed minutes showed that most participants agreed to start
slowing the pace of bond purchases later this year amid high
inflation and progress in the labor market recovery.
Market participants are expecting an announcement on taper as
early as next month.
Commodity prices fell as a spike in cases of the Delta variant
of the coronavirus added to concerns over a slowdown in global
growth.
Data from the Australian Bureau of Statistics showed that
Australia's jobless rate came in at a seasonally adjusted 4.6
percent in July - well beneath expectations for 5.0 percent and
down from 4.9 percent in June.
The Australian economy added 2,200 jobs last month versus
expectations for the loss of 46,200 jobs following the addition of
29,100 jobs a month earlier.
The aussie fell to a 9-1/2-month low of 0.7144 against the
greenback, near 8-month low of 78.24 against the yen and more than
a 1-year low of 0.9120 against the loonie, off its early highs of
0.7243, 79.56 and 0.9166, respectively. The aussie is seen facing
support around 0.70 against the greenback, 76.00 against the yen
and 0.90 against the loonie.
The aussie touched 1.6356 against the euro, its lowest level
since December 7, 2020. On the downside, 1.66 is possibly seen as
the next support for the aussie.
The aussie pulled back to 1.0475 against the kiwi, following a
high of 1.0537 set at 8:45 pm ET. Next key support for the currency
may be seen around the 1.03 region.
The kiwi reversed from its early highs of 0.6888 against the
greenback and 75.64 against the yen and depreciated to more than a
9-month low of 0.6809 and near a 7-month low of 74.56,
respectively. The kiwi is poised to find support around 0.66
against the greenback and 73.00 against the yen.
The kiwi reached 1.7160 against the euro, a level unseen since
December 28, 2020. The kiwi may face support around the 1.74
level.
Looking ahead, U.S. weekly jobless claims for the week ended
August 14 and leading index for July will be published in the New
York session.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
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