Forex News: Antipodean Currency's Slide Amid Risk-off Mood

Antipodean Currency's Slide Amid Risk-off Mood

(RTTNews) - The antipodean currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Tuesday, as Asian stock markets traded lower amid continued uncertainty about the progress in the ongoing peace talks to end the Middle East war and the related complete opening of the Strait of Hormuz. Meanwhile, the US granted Iran a 60-day license to sell oil on global markets, boosting expectations for a faster recovery in crude oil supply.

In economic news, the manufacturing sector in Australia continued to expand in June, and at a faster rate, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 51.2.

That's up from 50.7 in May and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI improved to 49.9 from 48.7 and the composite PMI moved up to 49.8 from 48.7.

Crude oil prices plunged even though the Iranian military says it has again closed off the Strait of Hormuz, although there are reports of commercial vessels are operating freely in the strait. West Texas Intermediate crude for July delivery was down $1.63 or 2.13 percent at $74.97 per barrel.

In the Asian trading today, the Australian dollar fell to nearly a 2-week low of 112.24 against the yen and a 6-day low of 1.6438 against the euro, from yesterday's closing quotes of 113.01 and 1.6338, respectively. If the aussie extends its downtrend, it is likely to find support around 110.00 against the yen and 1.65 against the euro.

Against the U.S. and the Canadian dollars, the aussie slipped to a 2-1/2-month low of 0.6950 and an 8-day low of 0.9858 from Monday's closing quotes of 0.6995 and 0.9903, respectively. The next possible upside target for the aussie is seen around 0.68 against the greenback and 0.97 against the loonie.

The aussie edged down to 1.2222 against the NZ dollar, from yesterday's closing value of 1.2248. On the downside, 1.18 is seen as the next support level for the aussie.

The NZ dollar fell to a 2-1/2-month low of 0.5684 against the U.S. dollar, from yesterday's closing value of 0.5711. The kiwi is likely to find support around the 0.55 region.

Against the yen and the euro, the kiwi slipped to nearly a 1-month low of 91.78 and more than a 2-month low of 2.0100 from Monday's closing quotes of 92.27 and 2.0010, respectively. If the kiwi extends its downtrend, it is likely to find support around 90.00 against the yen and 2.04 against the euro.

The Canadian dollar fell to 1.4186 against the U.S. dollar and 113.81 against the yen, from Monday's closing quotes of 1.4159 and 114.12, respectively. If the loonie extends its downtrend, it is likely to find support around 1.42 against the greenback and 112.00 against the yen.

Against the euro, the loonie edged down to 1.6208 from Monday's closing value of 1.6179. The loonie may test support around the 1.63 region.

Looking ahead, PMI reports from major European economies and U.K. for June, are slated for release in the European session.

In the New York session, U.S. ADP weekly employment data, U.S. Redbook report, U.S. S&P Global PMI data for June and U.S. Richmond Fed manufacturing index for June are slated for release.

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