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Forex News: Australian, NZ Dollars Drop Amid Rising Risk Aversion

Australian, NZ Dollars Drop Amid Rising Risk Aversion

10/30/2020 - 03:56:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars slipped against their major counterparts in the Asian session on Friday, as surging coronavirus cases in the U.S. and Europe and uncertainty over upcoming U.S. Presidential elections dampened risk sentiment. In Washington, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi blamed each other for the inaction in pushing through the stimulus plan.

Elsewhere in China, the ruling party on Thursday concluded its key annual conclave during which it approved the 14th Five-Year Plan and Vision 2035, a long-term development plan which observers say hints at the continuation of President Xi Jinping in power for the next 15 years.

Data from the Reserve Bank of Australia showed that Australia private sector credit rose 0.1 percent on month in September - following the flat reading in August.

On a yearly basis, credit rose 2.0 percent, slowing from 2.0 percent in the previous month.

The aussie pulled back to 0.7015 against the greenback, from a high of 0.7055 seen at 9:30 pm ET. The currency is likely to find support around the 0.68 level.

Reversing from its previous highs of 73.71 against the yen and 0.9386 against the loonie, the aussie dropped to 73.15 and 0.9357, respectively. The aussie is seen finding support around 70.00 against the yen and 0.92 against the loonie.

After rising to a 2-day high of 1.6557 at 9:30 pm ET, the aussie weakened to 1.6638 against the euro. If the aussie slides further, 1.70 is possibly seen as its next support level.

The kiwi fell to 1.7666 against the euro and 1.0632 against the aussie, off its 2-day high of 1.7588 and a 3-1/2-month high of 1.0590, respectively seen in early deals. The kiwi is poised to find support around 1.82 against the euro and 1.08 against the aussie.

The kiwi depreciated to a new 5-week low of 68.87 against the yen, after having advanced to 69.39 at 9:50 pm ET. Should the kiwi drops further, it may face support around the 66.00 level.

The kiwi reversed from an early high of 0.6643 against the greenback, falling to 0.6612. Next key support for the currency is seen around the 0.645 area.

Looking ahead, Eurozone jobless rate for September, flash consumer inflation for October and GDP data for the third quarter are due in the European session.

Canada GDP data for August, U.S. personal income and spending data for September and University of Michigan's final consumer sentiment index for October will be released in the New York session.

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