FOREX TradingCharts.com

Forex News: Commodity Currencies Weaken Amid Risk Aversion On U.S.-China

Commodity Currencies Weaken Amid Risk Aversion On U.S.-China Trade Worries

05/13/2019 - 01:41:00 (RTTNews)

(RTTNews) - The commodity currencies such as Australian, New Zealand and Canadian dollars drifted lower against their major opponents in the Asian session on Monday amid rising risk aversion on concerns about the escalating trade war between the U.S. and China.

Trade talks between the countries ended without a resolution last week and the U.S. hiked tariffs on about $200 billion worth of Chinese goods after the two countries failed to reach a trade deal.

Before returning from Washington, Chinese Vice Premier Liu He remarked that China want U.S. to lift tariffs on Chinese imports as a condition to reach a deal.

In economic releases, figures from Statistics New Zealand showed that New Zealand's food price inflation slowed for the second straight month in April.

The food price index that measures the changes in prices that households pay for food, climbed 1 percent year-on-year in April, following March's 1.2 percent increase and February's 1.7 percent rise.

The aussie dropped to 4-day lows of 0.6973 against the greenback, 76.49 against the yen and 1.6104 against the euro, from its early highs of 0.7001, 76.86 and 1.6041, respectively. The aussie is seen finding support around 0.68 against the greenback, 75.5 against the yen and 1.63 against the euro.

The aussie hit a 6-day low of 0.9371 against the loonie from Friday's closing value of 0.9386. Next key support for the aussie is seen around the 0.915 mark.

The Australian currency slipped to 1.0592 against the kiwi, from an early high of 1.0607, and held steady thereafter. The pair was worth 1.0601 at Friday's close.

The kiwi also declined to 4-day lows of 0.6577 against the greenback, 72.18 against the yen and 1.7074 against the euro, off its early highs of 0.6603, 72.51 and 1.7005, respectively. The kiwi is likely to find support around 0.64 against the greenback, 70.00 against the yen and 1.72 against the euro.

Simultaneously, the loonie edged down to 1.3444 against the greenback, 81.53 against the yen and 1.5104 against the euro, reversing from its early highs of 1.3416, 81.83 and 1.5071, respectively. The next possible support for the loonie is seen around 1.36 against the greenback, 80.5 against the yen and 1.52 against the euro.

In today's events, RBA Assistant Governor (Risk Management Committee) Guy Debelle will participate in a panel discussion titled "The End of Libor and the Impact on Australian Financial Markets" at the Reserve Bank of Australia in Sydney at 3:00 am ET.

Federal Reserve Governor Richard Clarida will deliver a speech at an event hosted by the Federal Reserve Bank of Boston at 9:05 am ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Mixed Ahead Of U.S. Existing Home Sales (07 hr(s), 21 min(s), 06 sec(s) ago)
(RTTNews) - The U.S. existing home sales for April are scheduled for release at 10:00 am ET Tuesda ...Full Story»

Canadian Dollar Higher On Rising Oil Prices (08 hr(s), 24 min(s), 06 sec(s) ago)
(RTTNews) - The Canadian dollar drifted higher against its major counterparts in the European sess ...Full Story»

Pound Falls On Brexit Concerns (10 hr(s), 12 min(s), 06 sec(s) ago)
(RTTNews) - The pound declined against its major counterparts in the European session on Tuesday, ...Full Story»

U.S. Dollar Appreciates Against Majors (14 hr(s), 06 min(s), 06 sec(s) ago)
(RTTNews) - The U.S. dollar drifted higher against its major counterparts in the early European se ...Full Story»

U.S. Dollar Reverses From Early Highs Against Most Majors (07 hr(s), 06 min(s), 06 sec(s) ago)
(RTTNews) - The U.S. dollar declined against its most major counterparts in the European session o ...Full Story»

Aussie Up After Australia Conservative Coalition's Surprise Election Victory (13 hr(s), 36 min(s), 06 sec(s) ago)
(RTTNews) - The Australian dollar gained ground against its major opponents in the Asian session o ...Full Story»

Euro Little Changed Following German PPI (15 hr(s), 24 min(s), 06 sec(s) ago)
(RTTNews) - After the release of German producer prices for April at 2:00 am ET Monday, the euro c ...Full Story»

Euro Retreats Ahead Of German PPI (15 hr(s), 33 min(s), 05 sec(s) ago)
(RTTNews) - Destatis will release German producer prices for April at 2:00 am ET Monday. Ahea ...Full Story»

Search

FOREX NEWS

Dollar Mixed Ahead Of U.S. Existing Home Sales

05/21/2019 - 10:06 AM (RTTNews)
(RTTNews) - The U.S. existing home sales for April are scheduled for release at 10:00 am ET Tuesda ...Full Story>>

Canadian Dollar Higher On Rising Oil Prices

05/21/2019 - 09:03 AM (RTTNews)
(RTTNews) - The Canadian dollar drifted higher against its major counterparts in the European sess ...Full Story>>

Pound Falls On Brexit Concerns

05/21/2019 - 07:15 AM (RTTNews)
(RTTNews) - The pound declined against its major counterparts in the European session on Tuesday, ...Full Story>>

U.S. Dollar Appreciates Against Majors

05/21/2019 - 03:22 AM (RTTNews)
(RTTNews) - The U.S. dollar drifted higher against its major counterparts in the early European se ...Full Story>>

U.S. Dollar Reverses From Early Highs Against Most Majors

05/20/2019 - 10:22 AM (RTTNews)
(RTTNews) - The U.S. dollar declined against its most major counterparts in the European session o ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.