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Forex News: Australian Dollar Weakens On Virus Concerns

Australian Dollar Weakens On Virus Concerns

07/01/2021 - 03:31:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its major opponents in the Asian session on Thursday, as investors continue to worry about the fallout from the Delta variant of Covid-19 in economic activity.

Soft manufacturing PMI readings from Japan and China signaled that curbs imposed to fight the virus are hurting growth momentum.

Data from IHS Markit showed that China's manufacturing sector growth softened in June as output and new orders growth slowed due to an uptick in COVID-19 cases and supply chain difficulties.

The Caixin manufacturing Purchasing Managers' Index fell to a 3-month low of 51.3 in June from 52.0 in May. The reading was below economists' forecast of 51.8. However, a score above 50.0 indicates expansion in the sector.

Traders are looking to Friday's U.S. nonfarm payrolls report for more clarity on the Federal Reserve's policy outlook.

U.S. private payrolls increased more than expected in June, signaling a strengthening of the labor market.

The aussie weakened to more than a 6-month low of 0.7476 against the greenback, after rising to 0.7501 at 6:30 pm ET. On the downside, 0.72 is possibly found as its next support level.

The aussie edged down to 83.11 against the yen, 1.5837 against the euro and 0.9277 against the loonie, pulling away from its early highs of 83.35, 1.5803 and 0.9299, respectively. If the aussie slides further, it may find support around 80.00 against the yen, 1.60 against the euro and 0.90 against the loonie. The aussie was steady against the kiwi, following a drop to 1.0712 earlier in the session, which was its lowest level since June 4. The pair had ended yesterday's trading at 1.0723.

Looking ahead, PMI reports from major European economies and Eurozone jobless rate for May are due in the European session.

U.S. weekly jobless claims for the week ended June 26, ISM manufacturing PMI for June and construction spending for May are set for release in the New York session.

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