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Forex News: Antipodean Currencies Fall Amid Rate Cut Speculations

Antipodean Currencies Fall Amid Rate Cut Speculations

01/16/2024 - 01:59:00 (RTTNews)

(RTTNews) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major counterparts in the Asian session on Tuesday, as investors temper rate cut expectations on the first monetary policy decisions of the year from major global central banks.

Asian stock markets are trading lower, following the broadly negative cues from European markets overnight.

In economic news, survey data from Westpac Melbourne Institute showed that Australia's consumer confidence index declined 1.3 percent in January, on higher cost of living and rising interest rates.

In the Asian trading today, the Australian dollar fell to a 7-week low of 1.6517 against the euro and a 6-day low of 96.59 against the yen, from yesterday's closing quotes of 1.6434 and 97.06, respectively. If the aussie extends its downtrend, it is likely to find support around 1.67 against the euro and 94.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie slipped to nearly a 5-week low of 0.6611 and nearly a 2-week low of 0.8905 from Monday's closing quotes of 0.6660 and 0.8941, respectively. The aussie may test support near 0.64 against the greenback and 0.87 against the loonie.

The aussie edged down to 1.0726 against the NZ dollar, from Monday's closing value of 1.0740. On the downside, 1.06 is seen as the next support level for the aussie.

The NZ dollar fell to a 1-week low of 89.89 against the yen, from yesterday's closing value of 90.34. The next possible downside target for the kiwi is seen around the 88.00 region.

Against the euro and the U.S. dollar, the aussie dropped to near 5-week lows of 1.7721 and 0.6160 from Monday's closing quotes of 1.7655 and 0.6199, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.79 against the euro and 0.60 against the greenback.

Meanwhile, the safe-have U.S. dollar rose against its major rivals amid risk aversion.

The U.S. dollar rose to a 1-week high of 1.0913 against the euro and nearly a 4-week high of 0.8586 against the Swiss franc, from yesterday's closing quotes of 1.0948 and 0.8554, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.07 against the euro and 0.88 against the franc.

Against the pound and the yen, the greenback advanced to an 8-day high of 1.2677 and a 5-day high of 146.24 from yesterday's closing quotes of 1.2725 and 145.73, respectively. The greenback may test resistance near 1.24 against the pound and 149.00 against the yen.

The greenback climbed to nearly a 5-week high of 1.3475 against the Canadian dollar, from Monday's closing value of 1.3424. On the upside, 1.37 is seen as the next resistance level for the greenback.

Looking ahead, U.K. unemployment data for November and Germany's final inflation figures for December are due to be released at 2:00 am ET in the pre-European session.

In the European session, Germany's ZEW economic confidence survey data for January is slated for release.

In the New York session, Canada housing starts for December, inflation data for December and U.S. NY Empire State manufacturing index for January are set to be published.

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