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Forex News: Australian, NZ Dollars Fall As Trump Announces Positive

Australian, NZ Dollars Fall As Trump Announces Positive For Virus

10/02/2020 - 03:35:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars slipped against their major counterparts in the Asian session on Friday, as investors turned cautious after U.S. President Donald Trump tested positive for the coronavirus.

Trump began the quarantine process along with First Lady Melania, who also got infected with the illness.

The news came after Hope Hicks, one of his closest aide, had tested positive.

Investors await the all-important nonfarm payrolls data for clues about the direction of monetary policy.

The economy is forecast to have added 900,000 jobs in September, compared to 1.37 million jobs in August. The unemployment rate is projected to fall to 8.2 percent from 8.4 percent.

Data from the Australian Bureau of Statistics showed that Australia retail sales fell a seasonally adjusted 4.0 percent on month in August - coming in at A$29.481 billion.

That beat forecasts for a drop of 4.2 percent following the 3.2 percent gain in July.

The aussie dropped to 2-day lows of 74.93 against the yen, 0.7131 against the greenback and 1.6424 against the euro, after rising to 75.88, 0.7188 and 1.6330, respectively in early deals. The next possible support for the aussie is seen around 72.00 against the yen, 0.68 against the greenback and 1.66 against the euro.

Pulling back from its early highs of 0.9549 against the loonie and 1.0806 against the kiwi, the aussie depreciated to a 3-day low of 0.9498 and a 4-day low of 1.0771, respectively. Next key support for the aussie is likely seen around 0.92 against the loonie and 1.06 against the kiwi.

The kiwi edged down to 0.6615 against the greenback and 1.7703 against the euro, off its early high of 0.6655 and an 8-day high of 1.7639, respectively. The kiwi is seen finding support around 0.645 against the greenback and 1.82 against the euro.

The kiwi touched a 2-day low of 69.55 against the yen, down from a high of 70.25 seen at 8:00 pm ET. The kiwi is poised to find support around the 68.00 area.

Looking ahead, Eurozone CPI for September is scheduled for release in the European session.

U.S. factory orders for August, jobs data and University of Michigan's final consumer sentiment index for September will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

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