Antipodean Currencies Slide Amid Risk Aversion
14 Agosto 2023 - 4:27AM
RTTF2
Antipodean currencies such as the Australia and the New Zealand
dollars weakened against their major currencies in the Asian
session on Monday. This, amidst risk aversion, as investors remain
cautious after data showing a bigger-than-expected increase in U.S.
producer prices in July triggered some speculation that the U.S.
Fed may decide to keep interest rates higher for longer
duration.
The strength of the U.S. dollar against major Asian currencies
is also weighing on the market.
A separate report released by the University of Michigan also
showed a slight pullback in U.S. consumer sentiment in August.
Weakness in miners, technology and financial stocks also weighed on
the investor sentiment.
In economic news, data from Business NZ showed that the services
sector continued to contract in July, and at a faster pace, with a
Performance of Services Index score of 47.8. That's down from the
downwardly revised score of 49.6 in June.
In the Asian trading today, the Australian dollar fell to more
than a 3-year low of 1.6930 against the euro and a 5-day low of
93.58 against the yen, from Friday's closing quotes of 1.6387 and
94.20, respectively. If the aussie extends its downtrend, it may
find support around 1.71 against the euro, and 90.00 against the
yen.
Against the U.S. and the Canadian dollars, the aussie dropped to
a 2-1/2-month low of 0.6457 and a 9-month low of 0.8690 from last
week's closing quotes of 0.6498 and 0.8732, respectively. The
aussie may test support near 0.62 against the greenback and 0.84
against the loonie.
The NZ dollar fell to nearly a 3-1/2-year low of 1.8361 against
the euro from Friday's closing value of 1.8283. On the downside,
1.86 is seen as the next support level for the kiwi.
Against the U.S. dollar and the yen, the kiwi dropped to a
9-month low of 0.5954 and a 1-week low of 86.28 from last week's
closing quotes of 0.5982 and 86.72, respectively. If the kiwi
extends its downtrend, it is likely to find support around 0.56
against the greenback and 84.00 against the yen.
Meanwhile, the safe-haven currencies such as the U.S. dollar and
the yen strengthened against their major currencies as Asian shares
fell.
The U.S. dollar rose to 6-day highs of 1.0929 against the euro
and 1.3470 against the Canadian dollar from last week's closing
quotes of 1.0944 and 1.3438, respectively. If the greenback extends
its uptrend, it is likely to find resistance around 1.06 against
the euro and 1.37 against the loonie.
Against the Swiss franc, the greenback advanced to a 5-day high
of 0.8781 from Friday's closing value of 0.8767. The greenback may
test resistance near the 0.90 region.
The greenback edged up to 1.2666 against the pound from Friday's
closing value of 1.2694. On the upside, 1.23 is seen as the next
resistance level for the greenback.
The yen rose to a 4-day high of 158.26 against the euro from
Friday's closing value of 158.64. The yen is likely to find its
resistance level around the 150.00 region.
Against the pound and the Swiss franc, the yen advanced to
183.50 and 164.92 from last week's closing quotes of 184.01 and
165.27, respectively. If the yen extends its uptrend, it may find
resistance around 176.00 against the pound and 158.00 against the
franc.
Against the U.S. and the Canadian dollars, the yen edged up to
144.66 and 107.55 from an early 9-month low of 145.23 and a 2-week
low of 107.98, respectively. On the upside, 136.00 against the
greenback and 104.00 against the loonie are seen as the next
resistance levels for the yen.
Looking ahead, German wholesale price index for July is due to
be released at 2:00 am ET.
In the New York session, U.S. consumer inflation expectations
for July and Bank of Canada senior loan officer survey for the
second quarter are slated for release.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Set 2024 a Ott 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Ott 2023 a Ott 2024