Australian, NZ Dollars Fall Amid Sell-off In Crude Oil
31 March 2022 - 5:22PM
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The Australian and NZ dollars slipped against their major
counterparts in the European session on Thursday, as oil prices
sank after the White House weighed a plan for a massive release of
crude from strategic reserves to help alleviate a spike in
prices.
The plan is expected to release around 1 million barrels of oil
per day from strategic reserves for several months.
U.S. President Joe Biden is expected to announce the strategic
petroleum reserve release plan later today.
A meeting of the Organization of the Petroleum Exporting
Countries and their allies, known as OPEC+, is also in focus. The
OPEC+ is likely to increase output by 400,000 barrels a day in
April, the same pace as in past months.
West Texas Intermediate futures on the NYMEX have slipped to
near $100 per barrel.
The aussie declined to a 2-day low of 0.7470 against the
greenback and a 1-week low of 90.76 against the yen, off its early
highs of 0.7526 and 92.10, respectively. The aussie is poised to
challenge support around 0.70 against the greenback and 86.00
against the yen.
The aussie touched a session's low of 0.9343 against the loonie,
after rising to 0.9404 at 8:45 pm ET. Should the aussie falls
further, it is likely to test support around the 0.91 region.
The aussie depreciated to a 10-day low of 1.4943 against the
euro, but it has since recovered to 1.4855. The pair had closed
yesterday's deals at 1.4852.
The kiwi weakened to 2-day lows of 1.6084 against the euro and
84.33 against the yen, down from its early highs of 1.5980 and
85.41, respectively. The next possible support for the kiwi is seen
around 1.62 against the euro and 82.00 against the yen.
The kiwi pulled back from an early high of 0.6978 against the
greenback, falling to 0.6930. The kiwi may locate support around
the 0.66 level.
The kiwi edged down to 1.0798 against the aussie, from a high of
1.0757 seen at 5 pm ET. The kiwi is seen finding support around the
1.09 mark.
Looking ahead, U.S. weekly jobless claims for the week ended
March 26, personal income and spending data for February will be
published in the New York session.
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