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Forex News: Australian Dollar Drops Amid Risk Aversion On Hawkish

Australian Dollar Drops Amid Risk Aversion On Hawkish Fed

06/14/2018 - 03:44:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its major counterparts in the Asian session on Thursday, as Asian markets fell following the weak cues from Wall Street after the U.S. Federal Reserve raised interest rates and stuck a hawkish tone by projecting a faster pace of rate hikes this year. In addition, U.S.-China trade tensions weighed on sentiment.

Investors are also cautious ahead of the European Central Bank's monetary policy announcement due later in the day, as the ECB has indicated its meeting will be used to discuss ending its bond purchasing program. The Bank of Japan's monetary policy meeting ends on Friday.

Data from the Australian Bureau of Statistics showed that the Australian economy added 12,000 jobs last month - shy of expectations for 19,000 following the addition of 22,600 a month earlier.

The jobless rate came in at a seasonally adjusted 5.4 percent in May.

That was below expectations for 5.5 percent and down from 5.6 percent in April.

The aussie dropped to a 10-day low of 0.9799 against the loonie, from a high of 0.9842 hit at 5:15 pm ET. On the downside, 0.96 is possibly seen as the next support level for the aussie.

The aussie weakened to a 3-day low of 83.00 against the yen and more than a 3-week low of 1.5650 against the euro, off its early highs of 83.65 and 1.5552, respectively. The next likely support for the aussie is seen around 82.00 against the yen and 1.58 against the euro.

Reversing from an early high of 0.7583 against the greenback, the aussie edged down to 0.7547. If the aussie falls further, 0.74 is likely seen as its next support level.

The aussie slipped to 1.0727 against the kiwi, its lowest since May 10. The aussie is seen finding support around the 1.06 region.

Looking ahead, U.K. retail sales for May are due in the European session.

At 7:45 am ET, the European Central Bank announces its decision on interest rates. Economists expect the bank to keep its main refi rate at a record low of zero percent.

In the New York session, Canada new housing price index for April, U.S. retail sales and import and export prices for May, weekly jobless claims for the week ended June 9 and business inventories for April are scheduled for release.

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