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Forex News: Australian, NZ Dollars Drop As Risk Sentiment Deteriorates

Australian, NZ Dollars Drop As Risk Sentiment Deteriorates

10/28/2022 - 04:48:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars slipped against their major counterparts in the Asian session on Friday, as investors digested mixed economic data and earnings reports and awaited the Federal Reserve's monetary policy meeting for more clues about the pace of tightening in the period ahead.

Overnight data showed that the U.S. economy rebounded strongly in the third quarter, but it offered some evidence of a healthy slowdown that could have a positive impact on fighting inflation.

Although the Fed is expected to raise interest rate by 75 basis points in November, the possibility of a 50 basis point move in the subsequent meeting has risen.

Disappointing quarterly results from several big tech companies pointed to the impact of hawkish stance by the Fed.

Oil prices fell amid rising coronavirus cases in China and widening restrictions across the country.

Reversing from its previous highs of 0.6480 against the greenback and 0.8765 against the loonie, the aussie dropped to 2-day lows of 0.6416 and 0.8730, respectively. The aussie is seen finding support around 0.62 against the greenback and 0.86 against the loonie.

The aussie touched 1.1013 against the kiwi, its lowest level since August 17. If the aussie slides further, 1.06 is possibly seen as its next support level.

The aussie was down against the euro, at 1.5512. Next key support for the currency is seen around the 1.57 area.

The aussie eased to 94.25 against the yen, heading to pierce a 3-day low of 94.23 seen at 5:15 pm ET. On the downside, 92.00 is likely seen as its next support level.

The kiwi fell to 0.5809 against the greenback and 1.7124 against the euro, off its early multi-week highs of 0.5873 and 1.7009, respectively. The kiwi is poised to find support around 0.55 against the greenback and 1.74 against the euro.

The kiwi retreated to 85.31 against the yen, after rising to a 4-day high of 86.13 in early deals. Should the kiwi drops further, it may face support around the 80.5 level.

Looking ahead, Eurozone economic confidence index for October is due in the European session.

German preliminary CPI for October is scheduled for release at 8:00 am ET.

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

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