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Forex News: Antipodean Currencies Fall Amid Oil Prices Slide

Antipodean Currencies Fall Amid Oil Prices Slide

03/24/2017 - 02:05:00 (RTTNews)

(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollars weakened against their major counterparts in the Asian session on Friday, as crude oil prices fell amid concerns that the OPEC's supply quota plan will not alleviate the global supply glut.

Thursday, the U.S. EIA reported crude oil inventories jumped another 4.5 million barrels to a record high.

Traders are looking ahead to Friday afternoon's U.S. oil rig count from Baker Hughes. The rig count has been constantly rising this winter.

Meanwhile, the crude oil price fell as the dollar firmed on rate hike chatter and upbeat economic news.

Federal Reserve Bank of San Francisco President John Williams told Wall Street Journal he expects the central bank to raise rates three or four times this year.

Investors became cautious after U.S. lawmakers delayed a vote on a healthcare bill intended to repeal and replace the Affordable Care Act.

President Donald Trump is said to have demanded a House of Representatives vote on the plan on Friday. House Republican leaders delayed a planned Thursday night vote on the bill amid a lack of support. If it fails, it could imperil President Donald Trump's other policies such as tax reform and increased infrastructure spending.

Thursday, the Australian dollar had fallen 0.63 percent against the U.S. dollar, 0.86 percent against the yen and 0.19 percent against the euro.

Meanwhile, the NZ dollar showed mixed trading against its major rivals. The NZ dollar had fallen against the yen and held steady against the U.S. dollar and the euro.

In the Asian trading, the Australian dollar fell to a 9-day low of 0.7610 against the U.S. dollar, from yesterday's closing value of 0.7626. The aussie may test support near the 0.74 region.

Against the euro, the yen and the Canadian dollar, the aussie dropped to 1.4142, 84.68 and 1.0178 from yesterday's closing quotes of 1.4136, 84.59 and 1.0181, respectively. If the aussie extends its downtrend, it is likely to find support around 1.43 against the euro, 83.00 against the yen and 1.00 against the loonie.

The NZ dollar fell to a 1-week low of 0.7007 against the U.S. dollar and a 2-day low of 1.5361 against the euro, from yesterday's closing quotes of 0.7029 and 1.5339, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.68 against the greenback and 1.55 against the euro.

Against the yen, the kiwi dropped to 77.98 from an early high of 78.29. The kiwi is likely to find support around the 76.00 region.

Against the Australian dollar, the kiwi edged down to 1.0874 from yesterday's closing value of 1.0843. On the downside, 1.10 is seen as the next support level for the kiwi.

Looking ahead, flash PMI reports from major European economies for March and U.K. BBA mortgage approvals for February are due later in the day.

In the New York session, Canada CPI for February, U.S. durable goods orders for February, Markit's U.S. flash manufacturing PMI for March and U.S. Baker Hughes rig count data are slated for release.

At 8:00 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak at the Federal Reserve System Community Development Research Conference, in Washington DC.

At 9:05 am ET, Federal Reserve Bank of St. Louis President James Bullard will give a presentation on the U.S. economy and monetary policy before the Economic Club of Memphis Economic Briefing, in Memphis, U.S.

At 10:00 am ET, Federal Reserve Bank of New York President and CEO William Dudley will participate in a fireside chat with business and economics students at York College, in New York.

At 11:30 am ET, Canadian Finance Minister Bill Morneau will give a speech in Toronto.

For comments and feedback: contact editorial@rttnews.com

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