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Forex News: Australian, New Zealand Dollars Down As Coronavirus Fears

Australian, New Zealand Dollars Down As Coronavirus Fears Mount

02/28/2020 - 03:46:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars dropped against their major counterparts in the Asian session on Friday, as Asian stock markets plunged after the head of the World Health Organization warned that the deadly epidemic has reached a "decisive point" and has the potential to become a pandemic.

In New York state, 700 people are being monitored for possible coronavirus exposure. California is monitoring 8,400 people for signs of the virus after they traveled to Asia.

The number of new coronavirus cases in South Korea crossed 2,000, and those in Italy 500.

Italy, Iran and Kuwait have reported more infections, while Nigeria confirmed its first case. Saudi Arabia banned foreign pilgrims entering the country to prevent the spread of the deadly virus in the Kingdom.

Data from the Reserve Bank of Australia showed that Australia private sector credit rose 0.3 percent on month in January - exceeding forecasts for 0.2 percent, which would have been unchanged from the previous month.

On a yearly basis, private sector credit was up 2.5 percent - again topping expectations for 2.4 percent, which would have been unchanged from the December reading.

The aussie declined to near an 11-year low of 0.6516 against the greenback, 6-month low of 70.93 versus the yen and more than a 10-year low of 1.6882 versus the euro, from its prior highs of 0.6585, 72.20 and 1.6704, respectively. The aussie is likely to test support around 0.63 against the greenback, 70.00 versus the yen and 1.70 versus the euro.

Pulling back from an early 8-day high of 0.8818 against the loonie, the aussie edged down to 0.8760. The aussie is poised to find support around the 0.86 level.

The kiwi dropped to 4-1/2-month lows of 67.84 versus the yen and 1.7647 versus the euro, retreating from its early highs of 69.30 and 1.7407, respectively. Next likely support for the kiwi is seen around 65.00 versus the yen and 1.80 versus the euro.

The kiwi fell to near a 5-month low of 0.6232 against the greenback and a 1-week low of 1.0463 against the aussie, from its early highs of 0.6318 and 1.0403, respectively. If the kiwi falls further, 0.60 and 1.06 are likely seen as its next support levels against the greenback and the aussie, respectively.

The yen appreciated to more than a 3-week high of 108.79 against the greenback, 3-day high of 119.64 versus euro and a 9-day high of 112.48 versus the franc, after falling to 109.68, 120.66 and 113.25, respectively in early deals. The next possible resistance for the yen is seen around 107.00 against the greenback, 118.00 versus the euro and 111.00 versus the franc.

Looking ahead, German jobless rate for February will be featured in the European session.

At 8:00 am ET, German flash consumer inflation for February will be published.

Canada GDP data for December, U.S. wholesale inventories and personal income and spending data for January and University of Michigan's final consumer sentiment index for February are slated for release in the New York session.

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