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Forex News: Australian Dollar Weakens Amid Virus Fears

Australian Dollar Weakens Amid Virus Fears

04/15/2021 - 03:22:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its major counterparts in the Asian session on Thursday, as virus worries intensified after the global Covid-19 cases topped 138 million and the deaths surged to more than 2.97 million, prompting governments around the world to announce new restrictions on mobility.

A U.S. Centers for Disease Control and Prevention panel on Wednesday postponed making a recommendation about the continued use of the Johnson & Johnson's Covid-19 vaccine, saying that panel members want more information about the people who may be most at risk for blood clots.

Fed Chair Jerome Powell told the Economic Club of Washington on Wednesday that the central bank will taper its asset purchases before considering raising interest rates.

U.S. initial jobless claims, industrial production and retail sales data are due out later in the day.

Investors awaited China's first quarter GDP data due on Friday amid growing fears over tightening of the policy.

Recent upbeat data pointed to a sharp recovery in the world's second-largest economy.

Data from the Australian Bureau of Statistics showed that Australia's jobless rate came in at a seasonally adjusted 5.6 percent in March.

That was lower than expectations for 5.7 percent and down from 5.8 percent in February. This is the lowest jobless rate since March 2020.

The Australian economy added 70,700 jobs last month - far surpassing forecasts for the addition of 35,000 jobs following the increase of 88,700 jobs in February.

The aussie retreated to 0.7706 against the greenback and 83.88 against the yen, from more than a 3-week high of 0.7746 and a 9-day high of 84.30, respectively. The aussie may locate support around 0.76 against the greenback and 82.00 against the yen.

The aussie pulled back to 1.5535 against the euro and 0.9651 against the loonie, from an 8-day high of 1.5473 and more than a 3-week high of 0.9688, respectively. The aussie is poised to challenge support around 1.57 against the euro and 0.94 against the loonie.

The aussie dropped to 1.0792 versus the kiwi, which was its lowest level since March 22. This followed a high of 1.0825 seen at 9:30 pm ET. The aussie is seen finding support around the 1.06 mark.

Looking ahead, Canada manufacturing sales and U.S. business inventories data for February, weekly jobless claims for the week ended April 10, retail sales and industrial production for March and NAHB housing market index for April are scheduled for release in the New York session.

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