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Forex News: Australian, NZ Dollars Decline As Inflation Worries Intensif

Australian, NZ Dollars Decline As Inflation Worries Intensify

11/10/2021 - 02:42:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Wednesday amid rising risk aversion, as a spike in consumer and producer prices in China fueled inflation concerns, while property developer China Evergrande faced a deadline to make payment on offshore bond.

Data from the National Bureau of Statistics showed that China consumer prices climbed 1.5 percent on year in October, exceeding expectations for an increase of 1.4 percent following the 0.7 percent gain in September.

Producer prices jumped 13.5 percent on year, beating forecasts for an increase of 12.4 percent following the 10.7 percent gain a month earlier.

Overnight data showed that U.S. producer inflation accelerated in October amid supply chain disruptions related to the pandemic.

The CPI data is forecast to show a rise in prices, which could pressurize policymakers to pursue policy tightening earlier than estimated.

Data from the Australian Bureau of Statistics showed that Australia building permits dropped a seasonally adjusted 4.3 percent on month in September - coming in at 18,090.

Permits for private sector houses dropped 16.0 percent on month to 10,168, while permits for private sector dwellings excluding houses jumped 18.1 percent to 7,686.

The aussie slipped to 4-week lows of 0.7353 against the greenback and 1.5746 against the euro, from its early highs of 0.7381 and 1.5702, respectively. The aussie is seen finding support around 0.72 against the greenback and 1.60 against the euro.

Retreating from its prior highs of 83.33 against the yen and 0.9183 against the loonie, the aussie moved down to more than a 4-week low of 83.00 and more than a 3-week low of 0.9148, respectively. The aussie is poised to challenge support around 82.00 against the yen and 0.90 against the loonie.

The kiwi dropped to near a 4-week low of 80.12 against the yen, 5-day lows of 0.7098 against the greenback and 1.6312 against the euro, following its early highs of 80.53, 0.7133 and 1.6251, respectively. Next key support for the kiwi is possibly seen around 78.00 against the yen, 0.68 against the greenback and 1.66 against the euro.

The kiwi reversed from its previous high of 1.0340 against the aussie and edged lower to 1.0367. On the downside, 1.05 is likely seen as its next support level.

Looking ahead, U.S. CPI and monthly budget statement for October, wholesale inventories for September and weekly jobless claims for the week ended November 6 are due in the New York session.

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