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Forex News: Australian Dollar Lower Amid Rising Risk Aversion

Australian Dollar Lower Amid Rising Risk Aversion

02/07/2020 - 02:29:00 (RTTNews)

(RTTNews) - The Australian dollar depreciated against its major counterparts in the Asian session on Friday amid rising risk aversion, as caution prevailed ahead of China's January trade data and a key U.S. jobs report due out later in the day.

U.S. employment is expected to increase by about 160,000 jobs in January after an increase of 145,000 jobs in December. The unemployment rate is expected to hold at 3.5 percent.

Meanwhile, the official Chinese death toll from the coronavirus outbreak rose to 636 and total infections climbed past 31,000.

The Reserve Bank of Australia lowered its growth projection as the recent bushfires, drought and the outbreak of coronavirus weigh on exports.

In its quarterly Statement on Monetary Policy, the central bank projected growth to remain at 2 percent in the year to June 2020 compared to the previous forecast of 2.5 percent.

The aussie fell to a 3-day low of 0.6712 against the greenback from Thursday's closing value of 0.6729. The next possible support for the aussie is seen around the 0.63 level.

The aussie depreciated to a 2-day low of 73.74 against the yen and held steady thereafter. The aussie is seen finding support around the 72.00 region.

The Australian currency slipped to a 2-day low of 1.6364 against the euro and a 3-day low of 0.8921 against the loonie, from its early highs of 1.6298 and 0.8950, respectively. On the downside, 1.66 and 0.87 are possibly seen as the next support levels for the aussie against the euro and the loonie, respectively.

Pulling away from an early high of 1.0425 against the kiwi, the aussie edged lower to 1.0398. If the aussie extends decline, 1.02 is possibly seen as its next support level.

Looking ahead, U.S. and Canadian jobs data for January, U.S. final wholesale inventories and consumer credit for December and Canada Ivey PMI for January are set for release in the New York session.

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