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Forex News: Australian, NZ Dollars Fall Amid Weak China Data,

Australian, NZ Dollars Fall Amid Weak China Data, Virus Fears

06/15/2020 - 03:46:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars weakened against their major counterparts in the Asian session on Monday, as disappointing economic data from China and intensifying worries over a second wave of coronavirus infections dampened risk sentiment.

China's industrial production grew 4.4 percent on a yearly basis in May, faster than the 3.9 percent increase logged in April, data from the National Bureau of Statistics showed. Economists had forecast a 5 percent rise.

Retail sales dropped at a slower pace of 2.8 percent in May from last year, slower than the 7.5 percent decrease seen in April. Sales were forecast to fall 2 percent.

During January to May, fixed asset investment decreased 6.3 percent from the same period of last year while economists had forecast a 5.9 percent fall.

China as well as the U.S. states of Texas and North Carolina reported a rise in the coronavirus infections during the weekend.

Survey from BusinessNZ showed that New Zealand services sector continued to contract in May, albeit at a slower pace, with a Performance of Services Index score of 37.2.

That's up from 25.9 in April, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction.

The aussie fell to near a 2-week low of 0.6788 against the greenback, after climbing to 0.6845 at 10:15 pm ET. The aussie is seen finding support around the 0.66 level.

The aussie edged down to 72.70 against the yen and 1.6563 against the euro, from its early highs of 73.53 and 1.6409, respectively. The next possible support for the aussie is seen around 70.00 against the yen and 1.70 against the euro.

The aussie slipped back to 1.0602 against the kiwi, heading closer to pierce a 6-week low of 1.0601 seen earlier in the session. The aussie is poised to challenge support around the 1.03 level.

The kiwi dropped to near a 2-week low of 0.6391 against the greenback, from a high of 0.6452 seen at 5:15 pm ET. On the downside, 0.62 is likely seen as the next support for the kiwi.

The kiwi reversed from its early highs of 69.27 against the yen and 1.7413 against the euro and was trading lower at 68.45 and 1.7586, respectively. Next key support for the kiwi is possibly seen around 67.00 against the yen and 1.78 against the euro.

Looking ahead, Eurozone trade data for April is due in the European session.

In the New York session, Canada manufacturing sales for April and New York Fed's empire manufacturing survey for June are set for release.

For comments and feedback: contact editorial@rttnews.com

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