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Forex News: Australian Dollar Drops On Falling Asian Stocks

Australian Dollar Drops On Falling Asian Stocks

05/01/2020 - 03:26:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its major counterparts in the Asian session on Friday, as Asian stocks dropped in thin holiday trade following the negative cues from Wall Street as disappointing U.S. economic data highlighted the impact of the coronavirus pandemic.

Official data showed that 3.8 million Americans filed for new unemployment claims last week, taking the total over the past six weeks to more than 30 million.

Amazon's earnings missed Wall Street expectations and it warned of uncertainty ahead due to the coronavirus pandemic.

The number of confirmed coronavirus cases exceeded 3.2 million globally and at least 233,000 people have been died, according to data compiled by Johns Hopkins University.

The latest survey from the Australian Industry Group showed that Australia's manufacturing sector fell deep into contraction in April, with a manufacturing PMI score of 35.8.

That's down sharply from 53.7 in March and it moves well beneath the boom-or-bust line of 50 that separates expansion from contraction as it reflects the damage from the Covid-19 pandemic.

The aussie depreciated to 3-day lows of 69.05 against the yen and 0.6447 against the greenback, from its early highs of 69.78 and 0.6511, respectively. The next key support levels for the aussie are seen around 66.00 against the yen and 0.62 against the greenback.

Reversing from its early highs of 1.6809 against the euro and 1.0624 against the kiwi, the aussie fell to an 8-day low of 1.6991 and a 1-week low of 1.0595, respectively. Next key support for the aussie is seen around 1.74 against the euro and 1.03 against the kiwi.

The aussie weakened to 0.9040 against the loonie, from its previous high of 0.9081, and held steady thereafter. If the aussie falls further, 0.88 is likely seen as its next support level.

Looking ahead,U.K. manufacturing PMI for April and mortgage approvals for March are due in the European session.

In the New York session, U.S. ISM manufacturing index for April and construction spending for March are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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