Australian, NZ Dollars Weaken Amid Risk Aversion
17 January 2019 - 4:29PM
RTTF2
The Australian and New Zealand dollars fell against their major
counterparts in early European deals on Thursday amid risk
aversion, as trade worries resurfaced and French bank Societe
Generale warned that its fourth quarter was affected by tough
market conditions.
U.S.-China trade tensions resurfaced after media reports
suggested the U.S. authorities are in advanced stages of probing
criminal charges against Huawei for alleged theft of trade.
The indictment of Huawei may come soon, reports said.
Data from the Australian Bureau of Statistics showed that
Australia home loans fell a seasonally adjusted 0.9 percent on
month in November - coming in at 51,967.
That beat forecasts for a decline of 1.5 percent following the
2.2 percent jump in October.
The aussie fell to a weekly low of 0.7147 versus the greenback,
from a high of 0.7175 hit at 6:30 pm ET. If the aussie falls
further, 0.70 is likely seen as its next support level.
The aussie dropped to a 3-day low of 77.76 against the yen and a
2-day low of 1.5921 against the euro, from its early highs of 78.25
and 1.5881, respectively. The aussie is seen finding support around
76.00 against the yen and 1.61 versus the euro.
Meanwhile, the aussie recovered to 0.9521 against the loonie,
from an early weekly low of 0.9498. The aussie is poised to find
resistance around the 0.965 area.
The kiwi declined to 8-day lows of 0.6732 against the greenback
and 1.0636 against the aussie, from its early highs of 0.6781 and
1.0571, respectively. The next possible support for the kiwi is
seen around 0.66 against the greenback and 1.08 against the
aussie.
The kiwi slipped to a weekly low of 73.21 against the yen and a
6-day low of 1.6921 against the euro, off its previous highs of
73.97 and 1.6802, respectively. The kiwi is likely to challenge
support around 72.00 against the yen and 1.72 against the euro.
Looking ahead, U.S. weekly jobless claims for the week ended
January 12, housing starts and building permits for December are
scheduled for release in the New York session.
At 10:45 am ET, Federal Reserve Governor Randal Quarles will
deliver a speech at the Insurance Information Institute's annual
forum in New York.
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