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Forex News: Australian, New Zealand Dollars Fall Against Majors

Australian, New Zealand Dollars Fall Against Majors

07/05/2021 - 03:28:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars declined against their major counterparts in the Asian session on Monday, as worries about rising cases of delta variant of the coronavirus in several countries dampened sentiment.

In Australia, Sydney, Queensland and New South Wales recorded new cases on Monday, even though Perth, Brisbane and the northern city of Darwin emerged out of lockdowns over the weekend.

Thailand and Indonesia continued to battle record high infections of COVID-19.

Survey results from IHS Markit showed that China's service sector expanded at a much slower pace in June as the recent uptick in COVID-19 cases and reduced travel dampened overall new business.

The Caixin services Purchasing Managers' Index fell notably to 50.3 in June from 55.1 in May. Nonetheless, the index has remained above the neutral 50 mark for the fourteenth successive month.

Traders are looking forward to the Reserve Bank of Australia's policy decision on Tuesday, when it will make a decision on the next stage of its QE program.

Data from the Australian Bureau of Statistics showed that Australia's building approvals declined more than expected in May.

The number of dwellings approved decreased 7.1 percent on a yearly basis in May, following a 5.7 percent decline in April. Economists had forecast a fall of 5 percent.

Another report from the ABS revealed that retail sales grew more than initially estimated in May.

Retail turnover grew 0.4 percent month-on-month in May, faster than the 0.1 percent increase estimated previously. Sales had advanced 1.1 percent in April.

The kiwi weakened to 0.7013 against the greenback and 77.93 against the yen, after rising to 0.7034 and 78.13, respectively in early deals. The kiwi is seen challenging support around 0.68 against the greenback and 76.00 against the yen.

The kiwi depreciated to 1.6903 against the euro and 1.0713 against the aussie, following its prior high of 1.6865 and near a 5-week high of 1.0691, respectively. On the downside, 1.70 and 1.09 are possibly seen as its next support levels against the euro and the aussie, respectively.

The aussie dropped to 1.5786 against the euro and 83.42 against the yen, from its early highs of 1.5753 and 83.62, respectively and held steady thereafter. The aussie may find support around 1.62 against the euro and 80.00 against the yen.

In contrast, the aussie was trading at 0.7521 against the greenback and 0.9286 against the loonie, recovering from its previous lows of 0.7509 and 0.9257, respectively. The aussie may face resistance near 0.77 against the greenback and 0.94 against the loonie.

Looking ahead, PMI reports from major European economies and Eurozone Sentix investor confidence index for July are due in the European session.

For comments and feedback: contact editorial@rttnews.com

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