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Forex News: Australian, New Zealand Dollars Drop Amid Risk Aversion

Australian, New Zealand Dollars Drop Amid Risk Aversion

03/18/2020 - 08:07:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars fell against their major counterparts in the European session on Wednesday amid risk aversion, as renewed concerns about a spreading coronavirus epidemic offset stimulus hopes.

The virus so far infected close to 200,000 people worldwide and killed more than 7,500. Imported coronavirus cases in China outpaced local infections for the 5th day.

U.S. President Donald Trump pressed for a $1 trillion stimulus package on Tuesday, aimed to deliver $1,000 cheques to Americans within two weeks to buttress an economy hit by coronavirus outbreak that has killed over 100 people in the country.

Data from Westpac showed that Australia's leading index signaled that the economy is entering an extremely difficult coronavirus period.

The Westpac- Melbourne Institute leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to -0.96 percent in February from -0.49 percent in January.

The aussie dropped to 11-year lows of 1.8569 against the euro and 63.57 against the yen, from its early highs of 1.8248 and 64.86, respectively. The next likely support for the aussie lies around 1.90 against the euro and 61.00 against the yen.

The aussie fell to a 17-year low of 0.5920 against the greenback, from a high of 0.6028 seen at 1:00 am ET. Next near term support for the aussie is likely seen around the 0.58 level.

Reversing from an early high of 0.8559 versus the loonie, the aussie dropped to 0.8458. On the downside, 0.825 is likely seen as the next support level for the aussie.

The kiwi weakened to 9-day lows of 62.67 against the yen and 1.8815 against the euro, off its early highs of 64.21 and 1.8430, respectively. The kiwi is seen finding support around 59.00 against the yen and 1.90 against the euro.

The kiwi slipped to a 2-day low of 1.0153 against the aussie and an 11-year low of 0.5839 against the greenback, after rising to 1.0063 and 0.5968, respectively in early deals. The currency may challenge support around 1.045 against the aussie and 0.56 against the greenback, if it weakens further.

Looking ahead, Canada CPI, U.S. housing starts and building permits, all for February, are due out in the New York session.

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