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Forex News: Australian, NZ Dollars Drop On Inflation, Evergrande Worries

Australian, NZ Dollars Drop On Inflation, Evergrande Worries

10/01/2021 - 03:18:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars slipped against their major counterparts in the Asian session on Friday, as growing inflation worries and uncertainty about the impact of Evergrande's debt crisis weighed on high-yielding assets.

Investors fear that supply chain disruptions across the globe could keep inflation higher for a longer period than thought.

Evergrande missed two deadlines to pay more than $180 million in interest to foreign investors who hold its dollar-denominated bonds.

The U.S. government averted a shutdown by passing a stopgap spending bill, but it risks a potential default amid an impasse over raising the debt ceiling.

In her Congressional testimony, Treasury Secretary Janet Yellen has warned of "catastrophic economic consequences" if the debt ceiling is not raised by October 18th.

Market participants focus on U.S. PCE price index, ISM manufacturing PMI and final Michigan consumer sentiment index for more clues on policy outlook.

The aussie depreciated to 0.7193 against the greenback and 1.6097 against the euro, down from its prior highs of 0.7241 and 1.5984, respectively. The aussie may locate support around 0.70 against the greenback and 1.62 against the euro. The aussie retreated to 0.9157 against the loonie and 1.0459 against the kiwi, after gaining to 0.9184 and a 1-1/2-month high of 1.0492, respectively. The next immediate support for the aussie is seen around 0.90 against the loonie and 1.03 against the kiwi.

The aussie slipped to an 8-day low of 79.95 against the yen, from a high of 80.66 seen at 8:15 pm ET. If the aussie falls further, it is likely to test support around the 78.00 region.

The kiwi dropped to a 9-day low of 76.44 against the yen, moving away from a high of 76.90 hit at 7:15 pm ET. On the downside, 74.00 is likely seen as its next support level.

The kiwi eased off from its previous highs of 0.6905 against the greenback and 1.6754 against the euro, edging down to 0.6877 and 1.6836, respectively. The kiwi is seen finding support around 0.67 against the greenback and 1.70 against the euro.

Looking ahead, PMI reports from major European economies and Eurozone flash CPI for September are due in the European session.

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

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