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Forex News: Australian, NZ Dollars Drop On China, Fed Concerns

Australian, NZ Dollars Drop On China, Fed Concerns

09/20/2021 - 04:03:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Monday, as most Asian shares fell amid jitters over China's crackdown on real-estate firms and caution ahead of the U.S. Federal Reserve meeting due this week.

The Fed's two-day policy meeting will end on Wednesday, with markets seeking more clues about the withdrawal of the QE program.

Fed Chair Jerome Powell said that the tapering could happen this year depending upon the strengthening of the economy.

Other major central banks due to hold monetary policy meeting this week include the Bank of Japan, the Bank of England and the Swiss National Bank.

U.S. Treasury Secretary Janet Yellen called on Congressional lawmakers to raise the federal debt ceiling to avert a possible default that could occur during October.

The aussie weakened to more than 3-week lows of 0.7227 against the greenback and 1.6205 against the euro, off its early highs of 0.7268 and 1.6135, respectively. The next possible support for the aussie is seen around 0.70 against the greenback and 1.65 against the euro.

The aussie reversed from its prior highs of 79.96 against the yen and 1.0336 against the kiwi, dropping to near a 4-week low of 79.37 and a 4-day low of 1.0289, respectively. If the aussie continues its fall, 77.5 and 1.00 are possibly seen as its next support levels against the yen and the kiwi, respectively.

The aussie eased off to 0.9242 against the loonie, from a 5-day high of 0.9279 seen at 6:45 pm ET. The aussie is seen finding support around the 0.90 level.

The kiwi was lower at near 3-week lows of 0.7014 against the greenback and 77.02 against the yen, down from its previous highs of 0.7043 and 77.48, respectively. The kiwi is poised to challenge support around 0.68 against the greenback and 75.00 against the yen.

The kiwi dropped to 1.6700 against the euro, following a high of 1.6641 hit at 6 pm ET. Next key support for the kiwi is likely seen around the 1.70 level.

Looking ahead, U.S. NAHB housing market index for September is scheduled for release in the New York session.

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