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Forex News: Australian Dollar Falls; Yen Rises On Recession Concerns

Australian Dollar Falls; Yen Rises On Recession Concerns

06/29/2022 - 04:46:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its major counterparts in the Asian session on Wednesday, while the Japanese yen advanced, as Asian stock markets are mostly lower, following the broadly negative cues overnight from Wall Street, after data showed that U.S. consumer confidence fell sharply in June, renewing concerns about inflation and the risk of recession.

Comments from Fed officials affirming further sharp interest rate hikes to bring down high inflation further dampened risk sentiment.

San Francisco Fed President Mary Daly said on Tuesday that the U.S. annual economic growth is expected to slow below 2 percent amid monetary policy tightening by the central bank.

Fed Chair Jerome Powell, ECB President Christine Lagarde and BOE Governor Andrew Bailey will be speaking at the ECB forum on central banking in Sintra, Portugal.

In economic news, the value of retail sales in Australia was up a seasonally adjusted 0.9 percent on month in May, the Australian Bureau of Statistics said - coming in at A$34.229 billion.

That beat expectations for an increase of 0.4 percent and was unchanged from the April reading.

The aussie declined to a 6-day low of 0.6878 against the greenback and more than a 2-year low of 0.8862 against the loonie, from its early highs of 0.6920 and 0.8902, respectively. The aussie is seen finding support around 0.67 against the greenback and 0.87 against the loonie.

The aussie edged down to 93.47 against the yen, 1.1028 against the kiwi and 1.5271 versus the euro, following its prior highs of 94.20, 1.1077 and 1.5191, respectively. The next possible support for the aussie is seen around 89.5 against the yen, 1.08 against the kiwi and 1.55 versus the euro.

The yen rose to 141.98 against the franc, 135.78 against the greenback and 105.44 against the loonie, after falling to 142.51, 136.28 and 105.88, respectively in previous deals. If the yen strengthens further, it is likely to test resistance around 132.00 against the franc, 128.00 against the greenback and 98.00 against the loonie.

The yen touched a 5-day high of 84.69 against the kiwi, 2-day highs of 142.49 against the euro and 165.43 against the pound, up from its early lows of 85.20, 143.48 and 166.29, respectively. The yen is likely to find resistance around 81.00 against the kiwi, 140.00 against the euro and 155.00 against the pound.

Looking ahead, Swiss and Eurozone economic sentiment indexes for June are set for release in the European session.

At 8:00 am ET, Destatis is scheduled to issue Germany's flash consumer prices for June.

U.S. final GDP data for the first quarter is due in the New York session.

At 9:00 am ET, Fed Chair Jerome Powell, ECB President Christine Lagarde and BOE Governor Andrew Bailey will participate in a panel discussion titled "Policy panel" at the European Central Bank Forum on Central Banking, in Portugal.

For comments and feedback: contact editorial@rttnews.com

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