Forex News: Antipodean Currency's Slide As Asian Shares Traded Lower

Antipodean Currency's Slide As Asian Shares Traded Lower

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Friday, as Asian stock markets traded lower amid renewed concerns about a military conflict between the U.S. and Iran, with reports suggesting American military intervention may be imminent. Regional trading volumes remained thin amid the Lunar New Year holidays in China and Taiwan.

Traders also seemed reluctant to make significant moves ahead of the release of closely watched readings on U.S. consumer price inflation later in the day that could have a significant impact on the outlook for interest rates.

In economic news, data from S&P Global showed that the manufacturing sector in Australia continued to expand in February, albeit at a slower pace, with a manufacturing PMI score of 51.5. That's down from 52.3 in January.

The survey also showed that the services PMI dropped to 52.2 in February from 56.3 in January, while the composite index fell to 52.0 from 55.7.

Data from Statistics New Zealand showed that New Zealand posted a merchandise trade deficit of NZ$519 million in January. That beat forecasts for a shortfall of NZ$745 million following the downwardly revised NZ$88 million deficit.

Exports rose 2.6 percent on year or NZ$157 million to NZ$6.21 billion, while imports added an annual 1.9 percent or NZ$126 million to NZ$6.73 billion.

Annual goods exports were valued at NZ$80.7 billion, up NZ$8.7 billion from the previous year. Annual goods imports were NZ$83.0 billion, up NZ$3.6 billion from the previous year. The annual trade deficit was NZ$2.310 billion. In the year ended January 2025, the deficit was NZ$7.3 billion.

In the Asian trading today, the Australian dollar fell to a 2-day low of 1.6755 against the euro, from yesterday's closing value of 1.6680. The aussie may test support near the 1.71 region.

Against the U.S. and the Canadian dollars, the aussie slid to nearly a 2-week low of 0.7015 and a 4-day low of 0.9613 from Thursday's closing quotes of 0.7059 and 0.9657, respectively. If the aussie extends its downtrend, it is likely to find support around 0.68 against the greenback and 0.95 against the loonie.

Against the yen and the NZ dollar, the aussie edged down to 108.89 and 1.1808 from yesterday's closing quotes of 109.41 and 1.1816, respectively. On the downside, 107.00 against the yen and 1.16 against the kiwi are seen as the next support levels for the aussie.

The NZ dollar fell to 2-week lows of 0.5938 against the U.S. dollar and 1.9795 against the euro, from yesterday's closing quotes of 0.5972 and 1.9710, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.57 against the greenback and 2.01 against the euro.

Against the yen, the kiwi dropped to a 2-day low of 92.16 from Thursday's closing value of 92.59. The next possible downside target for the kiwi is seen around the 90.00 region.

Looking ahead, PMI reports from various European economies and the U.K. for February are due to be released in the European session.

In the New York session, Canada retail sales data for December, PPI data for January, raw material prices for January, U.S. core PCE price index for December, personal income and spending data for December, new home sales for December, building permits for December, U.S. University of Michigan's consumer sentiment for February and U.S. Baker Hughes oil rig count data are slated for release.

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