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Forex News: Australian, New Zealand Dollars Fall On Fed Rate

Australian, New Zealand Dollars Fall On Fed Rate Hike Worries

10/04/2018 - 03:58:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars weakened against their major counterparts in the Asian session on Thursday amid rising risk aversion, as upbeat U.S. economic data drove 10-year U.S. Treasury yields to their highest level since 2011 and also raised concerns about the outlook for interest rates.

Hawkish comments from Federal Reserve officials, including Chairman Jerome Powell, spurred speculation for the Fed adhering to a tighter monetary policy.

Investors await U.S. non-farm payrolls data on Friday for more clues about the strength of labor market. The report is expected to show employment climbed by about 188,000 jobs in September after jumping by 201,000 jobs in August.

Data from the Australian Bureau of Statistics showed that Australia's trade surplus increased in August on higher exports.

The trade surplus rose to a seasonally adjusted A$1.6 billion from A$1.55 billion in July. Economists had forecast a fall in surplus, to A$1.45 billion.

Survey data from Commonwealth Bank of Australia and IHS Markit showed that Australia's private sector expanded at a slightly faster pace in September, reflecting acceleration in both manufacturing and services sector activities.

The composite output index rose to 52.5 in September from a survey low of 52.0 in August. However, readings above 50.0 signal an improvement in business activity on the previous month.

The aussie declined to a 2-1/2-year low of 0.7076 against the greenback and more than a 2-week low of 80.92 against the yen, from its early highs of 0.7112 and 81.42, respectively. The next possible support for the aussie is seen around 0.69 against the greenback and 79.00 against the yen.

The aussie fell to an 8-day low of 1.6214 against the euro, off its early high of 1.6140. If the aussie falls further, it may find support around the 1.64 level.

The aussie dropped to 0.9118 against the loonie, its lowest since July 2010. On the downside, 0.90 is possibly seen as the next support level for the aussie.

Reversing from an early 2-day high of 1.0934 against the kiwi, the aussie eased to 1.0904. The aussie is likely test support around the 1.08 area.

The kiwi slipped to a 2-week low of 74.15 against the yen and an 8-day low of 1.7699 against the euro, coming off from its early highs of 74.63 and 1.7605, respectively. The kiwi is poised to find support around 72.00 against the yen and 1.80 against the euro.

The kiwi hit a 2-1/2-year low of 0.6484 against the greenback, after having advanced to 0.6520 at 6:00 pm ET. The kiwi is seen finding support around the 0.63 level.

Looking ahead, Canada Ivey PMI for September, U.S. weekly jobless claims for the week ended September 29 and factory orders for August are set for release in the New York session.

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