Antipodean Currencies Slide As Asian Markets Traded Lower
27 February 2024 - 1:00PM
RTTF2
The Antipodean currencies such as the Australia and the New
Zealand dollars weakened against their major currencies in the
Asian session on Tuesday, after Asian stock market traded lower
following the broadly negative cues from Wall Street overnight, as
traders largely stayed cautious and seem reluctant to make
significant moves ahead of some key economic data, including a
report on U.S. consumer price inflation said to be preferred by the
U.S. Fed.
The inflation data could have a notable impact on the outlook
for interest rates, as Fed officials have said they need greater
confidence inflation is slowing before cutting rates.
Weakness across most sectors led by technology and mining
stocks, also weighed on sentiment.
In the Asian trading today, the Australian dollar fell to nearly
a 1-1/2-month low of 1.6627 against the euro and a 6-day low of
98.21 against the yen, from yesterday's closing quotes of 1.6586
and 98.56, respectively. If the aussie extends its downtrend, it is
likely to find support around 1.67 against the euro and 97.00
against the yen.
Against the U.S. and the Canadian dollars, the aussie slipped to
1-week lows of 0.6525 and 0.8817 from Monday's closing quotes of
0.6540 and 0.8830, respectively. The aussie may test support near
0.64 against the greenback and 0.87 against the loonie.
The NZ dollar fell to a 1-week low of 0.6151 against the U.S.
dollar, a 6-day low of 92.58 against the yen and nearly a 2-week
low of 1.7635 against the euro, from yesterday's closing quotes of
0.6172, 93.01 and 1.7575, respectively. If the kiwi extends its
downtrend, it is likely to find support around 0.60 against the
greenback, 91.00 against the yen and 1.78 against the euro.
Against the Australian dollar, the kiwi edged down to 1.0621
from Monday's closing value of 1.0595. On the downside, 1.07 is
seen as the next support level for the kiwi.
In the New York session, U.S. durable goods orders for January,
house price index for December, U.S. Consumer Boards's consumer
confidence for February, U.S. Richmond Fed manufacturing index for
February and Dallas Fed services index for February are slated for
release.
At 8:40 am ET, Bank of England Deputy Governor Dave Ramsden will
give a speech at AFME bonds conference, in London, U.K.
At 9:05 am ET, Federal Reserve Vice Chair for Supervision
Michael Barr will deliver a speech virtually on "Counterfeit Credit
Risk" before the Conference on Counterparty Credit Risk Management
hosted by the Federal Reserve Bank of New York, in Washington D.C.,
U.S.
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