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Forex News: Australian Dollar Slides On Trade Fears

Australian Dollar Slides On Trade Fears

09/07/2018 - 03:31:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against its major counterparts in the Asian session on Friday, as investors continued to worry over a possible escalation in the US-China trade war later in the day.

China has already warned of retaliation if the U.S. goes ahead with the fresh round of tariffs. The threat of auto tariffs is also back on the agenda as media reports suggest that Japan may be the next target of U.S. President Donald Trump's trade war.

Trump reportedly told a columnist for The Wall Street Journal that he was "still bothered by the terms of U.S. trade with Japan."

Meanwhile, the U.S. Labor Department is scheduled to release its more closely watched monthly jobs report today, which includes both public and private sector jobs.

U.S. employment is likely to increase by about 191,000 jobs in August after an increase of 157,000 jobs in July. The unemployment rate is expected to dip to 3.8 percent from 3.9 percent.

The latest survey from the Australian Industry Group revealed that the construction sector in Australia continued to expand in August, albeit at a slower pace, with a Performance of Construction Index score of 51.8. That's down from 52.0 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The aussie slipped to 4-day lows of 1.0872 against the kiwi and 0.9380 against the loonie, from its early highs of 1.0929 and 0.9471, respectively. If the aussie falls further, 1.07 and 0.92 are likely seen as its next support levels against the kiwi and the loonie, respectively.

The aussie weakened to 0.7137 against the greenback, its weakest since February 2016. This may be compared to a high of 0.7201 hit at 6:30 pm ET. The aussie is poised to find support around the 0.70 level.

The aussie fell to near a 2-year low of 78.96 against the yen and more than a 3-year low of 1.6285 against the euro, reversing from its early highs of 79.72 and 1.6128, respectively. On the downside, 77.00 and 1.64 are possibly seen as the next support levels for the aussie against the yen and the euro, respectively.

Looking ahead, Eurozone GDP data for the second quarter is due in the European session.

In the New York session, U.S. and Canadian jobs data and Canada Ivey PMI, all for August, are scheduled for release.

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