Forex News: Antipodean Currencies Fall Amid Risk-off Mood

Antipodean Currencies Fall Amid Risk-off Mood

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollar weakened against other major currencies in the European session on Monday, as European stocks fell sharply to hit a four-month low, as further escalation in the U.S.-Iran war spurred inflation concerns.

Benchmark Brent crude prices jumped more than 2 percent to $109 a barrel after U.S. President Donald Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, warning of strikes on power plants.

Iran said it would attack Israel's power plants and plants supplying U.S. bases in the Gulf if Trump carries out his threat to "obliterate" Iran's power network.

Since late February, Iran has effectively restricted access to the waterway, through which around 20 percent of global oil and liquefied natural gas (LNG) flows.

In the European trading today, the Australian dollar fell to nearly a 3-week low of 0.6950 against the U.S. dollar and nearly a 2-week low of 1.1997 against the NZ dollar, from early highs of 0.7016 and 1.2022, respectively. If the aussie extends its downtrend, it is likely to find support around 0.68 against the greenback and 1.18 against the kiwi.

Against the yen, the euro and the Canadian dollar, the aussie slipped to 2-week lows of 110.83, 1.6593 and 0.9546 from early highs of 111.75, 1.6483 and 0.9619, respectively. The aussie may test support near 109.00 against the yen, 1.68 against the euro and 0.94 against the loonie.

The NZ dollar fell to nearly a 2-month low of 1.9913 against the euro, from an early high of 1.9806. The kiwi is likely to find support around the 2.00 region.

Against the U.S. dollar and the yen, the kiwi slipped to 4-day lows of 0.5789 and 92.35 from early lows of 0.5839 and 93.01, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.56 against the greenback and 91.00 against the yen.

Looking ahead, U.S. Chicago Fed national activity index for February and U.S. construction spending for January are slated for release in the New York session.

At 11:00 am ET, Eurozone flash consumer confidence for March is due to be published.

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