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Forex News: Australian Dollar Falls Amid Risk Aversion

Australian Dollar Falls Amid Risk Aversion

06/28/2017 - 07:01:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its most major counterparts in the European session on Wednesday, with falling oil prices, global ransomware attack as well as U.S. policy uncertainty denting risk sentiment.

A massive cyber attack has swept the globe, affecting businesses and government systems with ransom demands. The new ransomware attack, in a possible reprise of a widespread WannaCry assault in May, is said to be caused by the virus linked to malware called Petrwrap or Petya.

The U.S. Senate's move to delay a vote on healthcare bill until after next week's 4 July holiday rekindled U.S. policy worries. Market participants are concerned over the Trump administration's ability to deliver pledged tax cuts and infrastructure spending, without getting the healthcare bill passed.

Oil prices fell to $44 a barrel after an industry report showed a build in US inventories last week, reviving worries over a global glut.

The aussie rose against its major rivals in the Asian session, with the exception of the kiwi.

The aussie dropped to a 3-week low of 1.4998 against the euro and held steady thereafter. The aussie is likely to find support around the 1.51 mark.

Figures from Destatis showed that Germany's import price inflation eased at a faster-than-expected pace in May after remaining stable in the prior month.

Import prices climbed 4.1 percent year-over-year in May, slower than the 6.1 percent steady rate of increase in April. Economists had expected the inflation to moderate to 4.6 percent.

The aussie eased back to 0.7587 against the greenback, from a high of 0.7617 hit at 9:45 pm ET. The next possible downside target for the aussie-greenback pair is seen around the 0.745 level.

The aussie reversed from an early nearly 3-month high of 85.48 against the yen, edging down to 84.91. Continuation of the aussie's downtrend may see it challenging support around the 83.5 area.

Survey data from Shoko Chukin Bank showed that Japan's small business confidence improved for the second straight month in June, though slightly.

The small business confidence rose to 49.2 in June from 48.9 in the previous month. In April, the reading was 48.6.

The aussie slipped to 0.9943 against the loonie, a level unseen since April 12. The aussie is poised to locate 0.98 as the next support level.

On the flip side, the aussie firmed to a weekly high of 1.0467 against the kiwi, compared to Tuesday's closing value of 1.0431. If the aussie extends rise, 1.06 is likely seen as its next resistance level.

The Reserve Bank of New Zealand Governor Graeme Wheeler said that the outlook for New Zealand's economic growth remains positive.

However, he said there considerable uncertainties, especially from international environment.

Looking ahead, U.S. advance goods trade balance, wholesale inventories and pending home sales for May are due in the New York session.

At 9:30 am ET, the European Central Bank President Mario Draghi speaks at the ECB forum in Central Bank in Portugal along with the Bank of Canada Governor Stephen Poloz, Bank of England Governor Mark Carney and the Bank of Japan Governor Haruhiko Kuroda.

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