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Forex News: Australian, NZ Dollars Fall On Fed Outlook

Australian, NZ Dollars Fall On Fed Outlook

06/11/2020 - 03:57:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars dropped against their major counterparts in the Asian session on Thursday amid risk aversion, as the U.S. Federal Reserve pledged to keep rates on hold for the foreseeable future and gave a dour outlook for the economy due to the coronavirus crisis.

After pledging to keep interest rates at current near-zero levels through 2022 and promising to maintain bond purchases at "the current pace", the Fed projected that the U.S. economy will contract by 6.5 percent this year. Unemployment is expected to be at 9.3 percent by the end of 2020.

Data from Statistics New Zealand showed that New Zealand retail credit card spending rose a seasonally adjusted 79 percent on month in May.

That followed the Covid-19 pandemic-induced 46.8 percent monthly plunge in April.

The kiwi dropped to a 2-day low of 0.6483 against the greenback, 8-day low of 69.34 against the yen and a 6-day low of 1.7500 against the euro, after rising to 0.6542, 70.06 and 1.7382, respectively in early deals. The kiwi is poised to find support around 0.62 against the greenback, 66.00 against the yen and 1.80 against the euro.

The aussie declined to 2-day lows of 0.6915 against the greenback and 1.0664 against the kiwi, from its early highs of 0.7004 and 1.0711, respectively. If the aussie drops further, 0.65 and 1.04 are possibly seen as its next support levels against the greenback and the kiwi, respectively.

Reversing from its early highs of 75.01 against the yen and 1.6237 against the euro, the aussie depreciated to 9-day lows of 73.99 and 1.6395, respectively. Next key support for the aussie is seen around 70.00 against the yen and 1.68 against the euro.

The aussie reversed from its early high of 0.9388 against the loonie, with the pair trading at 0.9388. On the downside, 0.91 is likely seen as the next support level for the aussie.

Looking ahead, U.S. weekly jobless claims for the week ended June 6 and producer price index for May are due in the New York session.

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