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Forex News: Australian Dollar Falls On China Coal Ban, Virus

Australian Dollar Falls On China Coal Ban, Virus Concerns

12/15/2020 - 02:03:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its major counterparts in the Asian session on Tuesday, as trade relations between China and Australia worsened after Beijing banned Australian coal and on rising risk aversion amid surging COVID-19 infections and strict restrictions in New York and London.

China has restricted coal imports from Australia and permitted imports from Mongolia, Indonesia and Russia, Chinese media reported.

Prime Minister Scott Morrison said the Chinese government had not clarified its position and, if true, the restriction would be in breach of World Trade Organization rules as well as a bilateral free trade agreement.

Virus worries returned as Germany and the Netherlands imposed tighter restrictions, while London will be placed under Tier 3 rules from Wednesday.

Minutes from the Reserve Bank of Australia's December 1 meeting showed that members of the board acknowledged that global economic outlook remains mired in uncertainty due to the Covid-19 pandemic.

Australia's economy continued to be below pre-pandemic levels, the board said, although it has often been better than expected. The board also said to make one of its top priorities a means of dealing with stubbornly high unemployment.

The bank added that monetary and fiscal support would likely be required for some time.

The aussie dropped to 5-day lows of 78.17 against the yen, 0.7507 against the greenback and 1.6180 against the euro, after rising to 78.54, 0.7546 and 1.6106, respectively earlier in the session. The next possible support for the aussie is seen around 76.00 against the yen, 0.73 against the greenback and 1.66 against the euro.

Reversing from its early highs of 0.9623 against the loonie and 1.0650 versus the kiwi, the aussie depreciated to 4-day lows of 0.9588 and 1.0615, respectively. If the aussie drops further, 0.94 and 1.03 are likely seen as its next support levels against the loonie and the kiwi, respectively.

Looking ahead, U.K. labor market statistics is due at 2:00 am ET.

At 8:15 am ET, Canada housing starts for November are scheduled for release.

U.S. industrial production and export and import prices for November and New York Fed's empire manufacturing index for December will be released in the New York session.

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