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

Australian, NZ Dollars Drop As Risk Sentiment Sours

12/29/2022 - 08:35:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars weakened against their major counterparts in the European session on Thursday, as rising coronavirus infections in China triggered worries about the economic growth.

Several countries including the United States, Japan, Italy Taiwan and India have imposed new restrictions mandating COVID-19 tests for passengers arriving from China.

Investors also weighed the likelihood of a U.S. recession in 2023 due to the Fed's aggressive policy tightening to tame inflation.

U.S. weekly jobless claims data due later today could offer more clues about the strength of the labor market.

Oil prices tumbled, with WTI crude futures down by 1.46 percent at $77.81.

The aussie declined to 3-day lows of 0.6711 against the greenback and 1.5850 against the euro, from its early highs of 0.6756 and 1.5728, respectively. If the aussie drops further, 0.64 and 1.61 are possibly seen as its next support levels against the greenback and the euro, respectively.

The aussie dropped to 89.78 against the yen and 0.9119 against the loonie, after rising to 90.60 and 0.9181, respectively in early deals. Next key support for the aussie is seen around 88.00 against the yen and 0.89 against the loonie.

The aussie fell back to 1.0634 against the kiwi, on track to pierce an 8-day low of 1.0623 seen at 2 am ET. On the downside, 1.03 is likely seen as the next support level for the aussie.

The kiwi retreated to 0.6298 against the greenback and 1.6900 against the euro, down from an early high of 0.6348 and an 8-day high of 1.6731, respectively. The kiwi is poised to find support around 0.60 against the greenback and 1.71 against the euro.

Extending early decline, the kiwi fell to 84.20 against the yen. Next immediate support for the currency is seen around the 82.00 level.

Looking ahead, U.S. weekly jobless claims for the week ended December 24 will be published in the New York session.

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