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Forex News: Australian, New Zealand Dollars Drop On Coronavirus Fears

Australian, New Zealand Dollars Drop On Coronavirus Fears

02/26/2020 - 04:23:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars slipped against their major counterparts on Tuesday, after U.S. health authorities warned of a wider spread of the coronavirus in the U.S. and asked its citizens to prepare for the outbreak.

The U.S. Centers for Disease Control and Prevention warned on Tuesday that the coronavirus was "a rapidly escalating epidemic."

Coronavirus cases rose by 169 in South Korea, taking the overall tally to 1,146.

An American soldier stationed in South Korea became the first service member to test positive for the coronavirus, according to a U.S. Forces Korea statement. He is currently self-quarantined at his off-base residence.

The virus has killed 2,715 people and infected over 78,000 in China. In the rest of the world, there have been more than 40 deaths and 2,700 cases.

Data from the Australian Bureau of Statistics showed that the total value of construction work done in Australia was down a seasonally adjusted 3.0 percent on quarter in the fourth quarter of 2019, coming in at A$49.773 billion. That missed forecasts for a decline of 1.0 percent following the 0.4 percent decline in the three months prior.

The aussie declined to 0.6569 against the greenback, its weakest level since March 2009. The aussie is likely to test support around the 0.63 region.

The aussie fell to a 2-day low of 0.8728 against the loonie and a fresh 3-week low of 1.6550 against the euro, off its early highs of 0.8776 and 1.6445, respectively. The aussie is poised to find support around 0.86 against the loonie and 1.68 against the euro.

Pulling away from an early 2-day high of 1.0457 versus the kiwi, the aussie edged down to 1.0411. On the downside, 1.03 is seen as the next support level for the aussie.

The aussie was down at 72.38 against the yen, a level unseen since October 2019. The aussie is seen facing support around the 70.5 region.

The kiwi depreciated to a 2-day low of 0.6305 against the greenback and more than a 3-month low of 1.7251 against the euro, from its early highs of 0.6322 and 1.7193, respectively. Next likely support for the kiwi is seen around 0.62 against the greenback and 1.76 against the euro.

The kiwi fell back to 69.50 versus the yen, not far from more than a 3-month low of 69.47 set in early deals. If the kiwi falls further, 67.00 is likely seen as its next support level.

Looking ahead, at 10:00 am ET, U.S. new home sales data for January is scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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