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Forex News: Australian, NZ Dollars Weaken On U.S-China Trade Talk

Australian, NZ Dollars Weaken On U.S-China Trade Talk Uncertainty

03/14/2019 - 08:46:00 (RTTNews)

(RTTNews) - The Australian and the NZ dollars declined against their major counterparts in the European session on Thursday, following a media report that Trump-Xi meeting is unlikely to take place this month, dampening hopes for resolving trade tensions anytime soon.

Bloomberg reported that U.S.-China summit that have been scheduled to complete a trade pact later this month has been postponed. It may be scheduled in April at the earliest.

U.S. President Donald Trump on Wednesday said that he is in no hurry to conclude a comprehensive trade deal with China amid spat over protection of intellectual property of U.S. companies.

Investors digested a slew of economic data from China.

China's industrial output grew an annual 5.3 percent in the first two months of 2019, a government report showed.

This marked the slowest pace of growth in 17 years and fell short of expectations for a score of 5.5 percent.

At the same time, retail sales climbed 8.2 percent and fixed asset investment rose 6.1 percent in the same period, beating expectations.

The aussie slipped to a 3-day low of 0.7041 against the greenback, from a high of 0.7098 hit at 6:30 pm ET. The aussie is seen finding support around the 0.68 level.

The Australian currency declined to a weekly low of 1.6058 against the euro and near a 2-week low of 0.9386 against the loonie, reversing from its early highs of 1.5961 and 0.9437, respectively. If the aussie slides further, 1.62 and 0.92 are likely seen as its next support levels against the euro and the loonie, respectively.

After rising to an 8-day high of 78.98 against the yen at 6:00 pm ET, the aussie reversed direction and edged down to 78.57. The next key support for the aussie is seen around the 76.00 level.

The NZ currency hit a weekly low of 1.6600 against the euro and a 3-day low of 0.6811 against the greenback, coming off from its early high of 1.6509 and a 2-day high of 0.6865, respectively. The kiwi is poised to find support around 1.69 against the euro and 0.67 against the greenback.

The kiwi dropped to 76.00 against the yen, down from a 2-day high of 76.47 touched at 11:15 pm ET. Continuation of the kiwi's downtrend may see it challenging support around the 74.00 region.

The kiwi reversed from an early high of 1.0320 against the aussie, pulling back to 1.0347. The kiwi is likely to find support around the 1.05 region.

Looking ahead, U.S. new home sales for January are scheduled for release shortly.

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