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Forex News: Australian, NZ Dollars Drop Amid Growing Coronavirus Concern

Australian, NZ Dollars Drop Amid Growing Coronavirus Concerns

11/13/2020 - 03:26:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Friday, as a continued surge in the coronavirus infections across the globe dampened hopes of economic recovery.

New U.S. Covid-19 infections hit fresh records and remained above 100,000 for an eighth consecutive day, prompting cities and states, including Chicago, Detroit and California, to slap new restrictions on public life.

In Europe, Germany's health minister said he expects that restrictions imposed to curb the coronavirus pandemic will continue through winter. France intends to keep lockdown for at least two more weeks.

The United Kingdom registered its biggest one-day jump in laboratory-confirmed coronavirus infections.

Spain's southern region of Andalusia is attempting to carry out mass testing in the areas of Ronda and Campillos.

On Thursday, Federal Reserve Chair Jerome Powell noted the economic outlook remains uncertain despite recent upbeat news about a potential coronavirus vaccine.

Data from Statistics New Zealand showed that New Zealand food prices rose 2.7 percent on year in October, down from 3.1 percent in September.

Individually, fruit and vegetable prices increased 10 percent on year; while meat, poultry, and fish prices increased 1.0 percent; grocery food prices increased 0.7 percent; non-alcoholic beverage prices were flat; and restaurant meals and ready-to-eat food prices increased 3.4 percent.

The kiwi slipped to 2-day lows of 0.6814 against the greenback and 1.7322 against the euro, down from its early highs of 0.6845 and 1.7234, respectively. The next possible support for the kiwi is seen around 0.66 against the greenback and 1.77 against the euro.

The kiwi depreciated to a 2-day low of 1.0612 against the aussie, from near a 7-month high of 1.0542 seen at 5 pm ET. The kiwi is likely to find support around the 1.085 level.

The kiwi reversed from an early high of 71.97 against the yen, touching a 4-day low of 71.49. On the downside, 70.00 is possibly seen as its next support level.

The aussie dropped to an 8-day low of 0.7222 against the greenback, reversing from a high of 0.7242 set at 6:45 pm ET. If the aussie drops further, 0.69 is seen as its next support level.

The aussie weakened to 4-day lows of 75.76 against the yen and 1.6344 against the euro, after rising to 76.12 and 1.6301, respectively in early deals. The aussie is poised to find support around 74.00 against the yen and 1.66 against the euro.

In contrast, the aussie strengthened against the loonie, approaching 0.9522. This followed a 2-day low of 0.9488 registered at 5 pm ET. The aussie is likely to target resistance around the 0.96 level.

Looking ahead, Eurozone trade report for September, employment and GDP data for the third quarter are due in the European session.

U.S. PPI for October and University of Michigan's preliminary consumer sentiment index for November are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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