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Forex News: Australian Dollar Declines As RBA Buys 3-year Bonds

Australian Dollar Declines As RBA Buys 3-year Bonds To Contain Sell-off

02/26/2021 - 03:00:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its major counterparts in the Asian session on Friday, as a rout in global bond markets triggered the Reserve Bank of Australia to purchase three-year government bonds to contain a surge in yields.

The RBA purchased 3-year Australian government bonds worth A$3 billion as yields soared above its 0.1 percent target.

The RBA's surprise bond buying operation helped to ease the jump in yields, with the 3-year yield touching 0.130 percent.

Asian markets dropped, as bond yields continued to rise amid inflation worries.

Investors worry that higher inflation could force the central banks to pare back ultra-loose policies, despite their dovish rhetoric.

The aussie dropped to 1.0648 against the kiwi, its lowest level since February 9. The aussie may locate support around the 1.045 level.

The aussie depreciated to a 1-week low of 0.7805 against the greenback from Thursday's closing value of 0.7871. The next likely support for the aussie is seen around the 0.75 level.

The aussie hit 82.86 versus the yen, marking a weekly low. Should the aussie slides further, 80.00 is likely seen as its next support level.

The aussie dipped to 1-week lows of 1.5552 against the euro and 0.9862 against the loonie, compared to yesterday's closing values of 1.5454 and 0.9918, respectively. Immediate support for the aussie is possibly seen around 1.57 against the euro and 0.98 against the loonie.

Looking ahead, Switzerland's GDP data is due in the European session.

Canada industrial product price index, U.S. personal income and spending data, wholesale inventories and advance goods trade balance, all for January, and University of Michigan's final consumer sentiment index for February will be featured in the New York session.

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