FOREX TradingCharts.com

Forex News: Antipodean Currency's Slide Amid Risk Aversion

Antipodean Currency's Slide Amid Risk Aversion

11/14/2024 - 03:21:00 (RTTNews)

(RTTNews) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Thursday, as traders fretted about the impact of U.S. President-elect Donald Trump's proposed tariffs on inflation and interest rates. The U.S. dollar also strengthened against major currencies in the region.

There is some uncertainty about the likelihood of future rate cuts after U.S. consumer price inflation data came in line with estimates. CME Group's FedWatch Tool is currently indicating an 82.3 percent chance of another quarter point rate cut in December but a 60.2 percent chance rates will then be left unchanged in January.

In economic news, the unemployment rate in Australia came in at a seasonally adjusted 4.1 percent in October, the Australian Bureau of Statistics said on Thursday - unchanged from the previous month and in line with expectations. The Australian economy added 15,900 jobs, which missed forecasts for an increase of 25,200 jobs following the addition of 64,100 in September.

Full-time employment increased by 9,700 to 10,037,700 people, while part-time employment increased by 6,200 to 4,499,800 people. The participation rate was 67.1 percent, shy of expectations for 67.2 percent - which would have been unchanged. Monthly hours worked increased to 1.972 billion.

In the Asian trading today, the Australian dollar fell to nearly a 3-1/2-month low of 0.6460 against the U.S. dollar, more than a 2-month low of 0.9053 against the Canadian dollar and a 1-week low of 1.6318 against the euro, from yesterday's closing quotes of 0.6485, 0.9076 and 1.6286, respectively. If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 0.88 against the loonie and 1.65 against the euro.

Against the yen, the aussie edged down to 100.73 from yesterday's closing value of 100.81. The aussie may test support near the 99.00 region.

The NZ dollar fell to nearly a 3-1/2-month low of 0.5854 against the U.S. dollar, from yesterday's closing value of 0.5879. The next possible downside support for the kiwi is seen around the 0.57 region.

Against the euro and the Australian dollar, the kiwi dropped to 3-day lows of 1.8007 and 1.1049 from yesterday's closing quotes of 1.7958 and 1.1025, respectively. If the kiwi extends its downtrend, it is likely to find support around against the 1.83 against the euro and 1.11 against the aussie.

The kiwi edged down to 91.29 against the yen, from Wednesday's closing value of 91.39. On the downside, 89.00 is seen as the next support level for the kiwi.

The U.S. dollar rose to more than a 1-year high of 1.0534 against the euro and more than a 3-month high of 1.2673 against the pound, from yesterday's closing quotes of 1.0563 and 1.2703, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.03 against the euro and 1.25 against the pound.

Against the yen and the Swiss franc, the greenback climbed to nearly a 4-month high of 156.15 and 0.8879 from Wednesday's closing quotes of 155.45 and 0.8859, respectively. The greenback is likely to find resistance around 158.00 against the yen and 0.89 against the franc.

The greenback advanced to nearly a 4-1/2-year high of 1.4020 against the Canadian dollar, from yesterday's closing value of 1.3996. On the upside, 1.41 is seen as the next resistance level for the greenback.

Looking ahead, Eurozone flash GDP estimate for the third quarter and industrial production figures for September are due to be released in the European session.

At 7:30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on October 16 and 17. At the meeting, the bank had reduced the key interest rates by 25 basis points.

In the New York session, U.S. jobs data for October, PPI for October and U.S. EIA crude oil data are slated for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Swiss Franc Declines Against Majors (11 hr(s), 55 min(s), 11 sec(s) ago)
(RTTNews) - The Swiss franc dropped against its major counterparts in the New York session on Frid ...Full Story»

Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets (15 hr(s), 52 min(s), 11 sec(s) ago)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday, as ...Full Story»

Euro Falls Against Majors (16 hr(s), 40 min(s), 10 sec(s) ago)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday. ...Full Story»

Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports (17 hr(s), 25 min(s), 11 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story»

Pound Slides Against Majors (19 hr(s), 22 min(s), 10 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story»

NZ Dollar Falls Amid RBNZ Rate Cut Prospects (21 hr(s), 10 min(s), 11 sec(s) ago)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story»

NZ Dollar Falls Against Majors (22 hr(s), 58 min(s), 11 sec(s) ago)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story»

Canadian Dollar Climbs Against Majors (08 hr(s), 58 min(s), 11 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York sessi ...Full Story»

Search

FOREX NEWS

Swiss Franc Declines Against Majors

11/22/2024 - 11:35 AM (RTTNews)
(RTTNews) - The Swiss franc dropped against its major counterparts in the New York session on Frid ...Full Story>>

Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets

11/22/2024 - 07:37 AM (RTTNews)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday, as ...Full Story>>

Euro Falls Against Majors

11/22/2024 - 06:49 AM (RTTNews)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday. ...Full Story>>

Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports

11/22/2024 - 06:05 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story>>

Pound Slides Against Majors

11/22/2024 - 04:08 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story>>

Do not sell my personal information

Copyright © 2024. 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.