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Forex News: Australian Dollar Falls In Cautious Trade

Australian Dollar Falls In Cautious Trade

07/30/2021 - 04:53:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its major counterparts in the Asian session on Friday, as continued concerns over China's crackdown on tech, education and property industries dampened risk sentiment.

Amazon's second quarter revenue fell short of expectations and issued a weak guidance for the third quarter.

A continued spike in the Delta variant of COVID-19 cases across the globe added to worries.

Japan reported record daily infections for the third straight day on Thursday and a state of emergency already existing Tokyo is expected to extend to four more regions.

The World Health Organization warned that the Delta strain could trigger a "fourth wave" of cases in its Eastern Mediterranean zone amid low vaccination rates.

The aussie dropped to 0.7376 against the greenback and 80.81 against the yen, off its early highs of 0.7403 and 81.05, respectively. The next possible support for the aussie is seen around 0.72 against the greenback and 78.00 against the yen.

The aussie weakened to a 9-day low of 1.6112 against the euro and more than a 1-year low of 0.9184 against the loonie, from its prior highs of 1.6061 and 0.9215, respectively. The aussie is seen finding support around 1.63 against the euro and 0.90 against the loonie.

The aussie fell back to 1.0542 against the kiwi, heading to pierce a 3-day low of 1.0535 seen earlier in the session. On the downside, 1.03 is likely seen as its next support level.

Looking ahead, Eurozone GDP data for the second quarter, consumer price inflation for July and jobless rate for June are due out in the European session.

Canada GDP data for May, U.S. personal income and spending data for June and University of Michigan's final consumer sentiment index for July will be featured in the New York session.

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