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 dollars weakened against other major currencies in the Asian session on Monday due to increased risk-off mood by the investors, amid escalation in the middle east conflict after the U.S. joined Israel in the weeks-long war with Iran, with U.S. carrying out a "successful" airstrike on three nuclear sites in Iran over the weekend. This has heightened fears of a broader regional conflict.

Trade tensions also intensified after U.S. President Donald Trump said he is going to send letters to trade partners, fixing unilateral tariffs even ahead of the July 9 deadline he had already set for negotiations.

Crude oil prices slipped as concerns of U.S. involvement in the Israel-Iran conflict faded, even as the fighting between the two nations intensified. West Texas Intermediate crude for July delivery closed down by $0.21 to $74.93 per barrel.

In other economic news, data from showed that S&P Global Australia's private sector growth strengthened in June on robust new business. The flash composite output index improved to a three-month high of 51.2 in June from 50.5 in the previous month.

The flash services Purchasing Mangers' Index registered 51.3 compared to 50.6 in May. At the same time, the flash manufacturing PMI remained unchanged at 51.0 in June.

In the Asian trading today, the Australian dollar fell to more than a 1-month low of 0.6398 against the U.S. dollar and a 4-day low of 93.85 against yen, from Friday's closing quotes of 0.6451 and 94.24, respectively. If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback and 92.00 against the yen.

Against the euro and the Canadian dollar, the aussie dropped to more than a 2-month low of 1.7971 and a 1-week low of 0.8808 from last week's closing quotes of 1.7863 and 0.8859, respectively. The aussie may test support near 1.80 against the euro and 0.86 against the aussie.

The NZ dollar fell to a 1-month low of 0.5916 against the U.S. dollar, a 4-day low of 86.81 against the yen and more than a 2-month low of 1.9452 against the euro, from Friday's closing quotes of 0.5962, 87.11 and 1.9325, respectively. The kiwi may test support near 0.57 against the greenback, 85.00 against the yen and 1.99 against the euro.

Against the Australian dollar, the kiwi edged down to 1.0837 from last week's closing value of 1.0819. On the downside, 1.09 is seen as the next support level for the kiwi.

Looking ahead, U.S. S&P Global PMI data for June and U.S. existing home sales data for May are due to be released in the New York session.

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