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Forex News: Australian Dollar Weakens On Trade Worries

Australian Dollar Weakens On Trade Worries

07/17/2019 - 03:18:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its major counterparts in the Asian session on Wednesday amid rising risk aversion, as sentiment dampened on renewed uncertainty about U.S.-China trade talks and the near-term outlook for interest rates.

U.S. President Donald Trump said that U.S.-China trade talks still have a "long way to go" and once again threatened to impose tariffs on another $325 billion worth of Chinese goods.

Robust U.S. retail sales data released overnight lowered expectations of an interest rate cut by the U.S. Federal Reserve.

Fed Chair Jerome Powell told a dinner audience at the Bank of France in Paris on Tuesday the central bank is "carefully monitoring" downside risks to U.S. growth and "will act as appropriate to sustain the expansion."

Data from Westpac showed that Australia's leading index improved in June but remained consistently negative.

The Westpac- Melbourne Institute Leading Index that indicates likely pace of economic activity over the next nine months, rose to -0.02 percent in June from -0.47 percent in May.

The aussie weakened to 1.6009 against the euro and 0.9157 against the loonie, from its early highs of 1.5971 and 0.9187, respectively. The next possible support for the aussie is seen around 1.63 against the euro and 0.90 against the loonie.

Reversing from its early highs of 0.7020 against the greenback and 76.01 against the yen, the aussie slipped to a 5-day low of 0.7002 and a 2-day low of 75.72, respectively. The aussie is seen finding support around 0.69 against the greenback and 74.00 against the yen.

The aussie fell to a new 2-week low of 1.0441 against the kiwi, from a high of 1.0470 seen at 7:20 pm ET. The aussie is likely to face support around the 1.025 region.

Looking ahead, U.K. CPI and PPI for June and house price index for May, as well as Eurozone final consumer price index for June and construction output for May are scheduled for release in the European session.

Canada manufacturing sales for May and consumer price index for June, as well as U.S. housing starts and building permits for the same month and Federal Reserve's Biege book report are set to be released in the New York session.

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