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Forex News: Australian Dollar Falls Amid Weak China GDP Data,

Australian Dollar Falls Amid Weak China GDP Data, Inflation Worries

10/18/2021 - 03:26:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against its major counterparts in the Asian session on Monday, as a slowdown in China's economic growth and inflation worries in the wake of rising energy prices dampened risk sentiment.

Data from the National Bureau of Statistics showed that China's gross domestic product expanded 4.9 percent on year in the third quarter of 2021 - missing forecasts for 5.2 percent and down sharply from 7.9 percent in the three months prior.

China's industrial production gained 3.1 percent on year in September, missing forecasts for 4.5 percent and slowing from 5.1 percent in August.

Oil prices advanced amid a global energy crisis, as a shortage of natural gas and coal is fueling more demand for oil to generate power.

The aussie declined to a 4-day low of 0.7400 against the greenback, from a high of 0.7437 seen at 6 pm ET. If the aussie weakens further, 0.72 is possibly seen as its next support level.

The aussie edged down to 84.50 against the yen and 1.5653 versus the euro, from a 4-month high of 85.02 and a 5-month high of 1.5602, respectively seen in early trades. The aussie is seen finding support around 82.00 against the yen and 1.58 versus the euro.

The Australian currency reversed from an early high of 0.9193 against the loonie and fell back to 0.9170. The aussie may challenge support around the 0.90 mark.

The aussie depreciated to nearly a 2-week low of 1.0449 against the kiwi at 5:55 pm ET and held steady since then. The pair had ended last week's deals at 1.0476.

Looking ahead, Canada housing starts for September are scheduled for release at 8:15 am ET.

U.S. NAHB housing market index for October, industrial production and monthly budget statement for September will be released in the New York session.

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