Australian Dollar Drops Amid Risk Aversion On Hawkish Fed
14 Giugno 2018 - 05:44AM
RTTF2
The Australian dollar slipped against its major counterparts in
the Asian session on Thursday, as Asian markets fell following the
weak cues from Wall Street after the U.S. Federal Reserve raised
interest rates and stuck a hawkish tone by projecting a faster pace
of rate hikes this year. In addition, U.S.-China trade tensions
weighed on sentiment.
Investors are also cautious ahead of the European Central Bank's
monetary policy announcement due later in the day, as the ECB has
indicated its meeting will be used to discuss ending its bond
purchasing program. The Bank of Japan's monetary policy meeting
ends on Friday.
Data from the Australian Bureau of Statistics showed that the
Australian economy added 12,000 jobs last month - shy of
expectations for 19,000 following the addition of 22,600 a month
earlier.
The jobless rate came in at a seasonally adjusted 5.4 percent in
May.
That was below expectations for 5.5 percent and down from 5.6
percent in April.
The aussie dropped to a 10-day low of 0.9799 against the loonie,
from a high of 0.9842 hit at 5:15 pm ET. On the downside, 0.96 is
possibly seen as the next support level for the aussie.
The aussie weakened to a 3-day low of 83.00 against the yen and
more than a 3-week low of 1.5650 against the euro, off its early
highs of 83.65 and 1.5552, respectively. The next likely support
for the aussie is seen around 82.00 against the yen and 1.58
against the euro.
Reversing from an early high of 0.7583 against the greenback,
the aussie edged down to 0.7547. If the aussie falls further, 0.74
is likely seen as its next support level.
The aussie slipped to 1.0727 against the kiwi, its lowest since
May 10. The aussie is seen finding support around the 1.06
region.
Looking ahead, U.K. retail sales for May are due in the European
session.
At 7:45 am ET, the European Central Bank announces its decision
on interest rates. Economists expect the bank to keep its main refi
rate at a record low of zero percent.
In the New York session, Canada new housing price index for
April, U.S. retail sales and import and export prices for May,
weekly jobless claims for the week ended June 9 and business
inventories for April are scheduled for release.
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