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Forex News: Australian, New Zealand Dollars Lower Amid Omicron, Evergran

Australian, New Zealand Dollars Lower Amid Omicron, Evergrande Concerns

01/03/2022 - 02:55:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars declined against their major counterparts in the Asian session on Monday, amid continued uncertainty about the Omicron variant and fears over a property downturn in China.

Trading in shares of Evergrande was suspended after the property developer has been ordered to destroy buildings in Hainan province.

The Chinese government has instructed Evergrande to abolish 39 residential buildings due to illegal construction.

Record numbers of new coronavirus cases forced many governments to impose strict restrictions, clouding the global economic outlook.

In Asia, stock markets in Australia, New Zealand, China and Japan remained closed for the New Year holiday.

The aussie fell to a 5-day low of 0.7240 against the greenback, from a high of 0.7277 seen at 8:20 pm ET. If the aussie falls further, 0.70 is possibly seen as its next support level.

The aussie dropped to 1.5669 against the euro, 1.0606 against the kiwi and 83.46 against the yen, off its prior highs of 1.5616 and 1.0627, and a 1-1/2-month high of 83.87, respectively. The aussie is seen finding support around 1.58 against the euro, 1.045 against the kiwi and 82.00 against the yen.

The aussie, however, rebounded to 0.9199 against the loonie, following a decline to 0.9174 at 5:15 pm ET. On the upside, 0.93 is possibly seen as its next resistance level.

The kiwi retreated to 1.6624 against the euro, 78.66 against the yen and 0.6823 against the greenback, after climbing to 1.6573, more than 5-week high of 79.02 and a 4-day high of 0.6857, respectively in early deals. The kiwi may find support around 1.69 against the euro, 76.00 against the yen and 0.66 against the greenback.

Looking ahead, PMI reports from major European economies are due in the European session.

U.S. construction spending for November will be out in the New York session.

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