Australian Dollar Declines Amid Delta Virus Worries
20 August 2021 - 2:03PM
RTTF2
The Australian dollar moved lower against its major trading
partners in the Asian session on Friday, amid concerns over a
slowdown in the global economic recovery due to a resurgence in
cases of Delta variant of the virus.
Worries that the Fed is on track to start tapering its bond
buying program before the end of the year also weighed on the
currency.
China's crackdown on the country's technology companies
intensified by the passage of a major data protection law that
restricts businesses from collecting sensitive personal data.
The new law outlined a comprehensive set of rules around data
collection, processing and protection for tech companies.
The New Zealand government extended its lockdown till August 24
after reporting eleven new cases today.
In the U.S., three Senators had tested positive for Covid-19
despite being vaccinated.
The aussie dropped to 9-1/2-month lows of 0.7106 against the
greenback and 1.6436 against the euro, from its early highs of
0.7156 and 1.6320, respectively. The aussie is likely to face
support around 0.70 against the greenback and 1.68 against the
euro.
The aussie depreciated to near an 8-month low of 77.90 against
the yen and a 3-day low of 1.0434 against the kiwi, following its
prior highs of 78.63 and 1.0483, respectively. The aussie is seen
finding support around 76.00 versus the yen and 1.03 versus the
kiwi.
In contrast, the aussie rose to 0.9195 against loonie, its
highest level since August 17. The aussie may face resistance
around the 0.93 region.
Looking ahead, Canada retail sales for June and new housing
price index for July will be published in the New York session.
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