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Forex News: Australian, NZ Dollars Fall As U.S. Inflation Data

Australian, NZ Dollars Fall As U.S. Inflation Data Looms

06/06/2022 - 03:38:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Monday, as investors awaited U.S. inflation data that could help determine the Federal Reserve's rate hike path in the period ahead.

Inflation data, due on Friday, is expected to show a gain of 0.7 percent on a monthly basis in May, up from 0.3 percent in April.

Friday's upbeat jobs data supported hopes that the Fed is likely to stick with its aggressive policy tightening path to control inflation.

The European Central Bank's decision is due on Thursday, when it is expected to signal a first rate hike in July after ending the asset purchase program.

Data showing a contraction in China's service sector activity in May amid virus lockdowns also dampened risk sentiment.

Survey results from S&P Global showed that ihe Caixin services Purchasing Managers' Index rose to 41.4 in May from a 26-month low of 36.2 in April. But a score below 50.0 indicates contraction in the sector.

The aussie dropped to 4-day lows of 0.7187 against the greenback, 93.77 against the yen and 1.4915 against the euro, after rising to 0.7216, 94.44 and 1.4852, respectively in early deals. The aussie is poised to find support around 0.70 against the greenback, 90.00 against the yen and 1.51 against the euro.

The Australian currency touched a session's low of 1.10961 against the kiwi, down from a high of 1.1079 seen at 6:15 pm ET. Next key support for the aussie is likely seen around the 1.09 level.

The aussie was down against the loonie, at near a 2-week low of 0.9048. The aussie may challenge support around the 0.88 level.

The kiwi weakened to 4-day lows of 0.6496 against the greenback and 84.77 against the yen, off its early highs of 0.6516 and 85.23, respectively. The next possible support for the kiwi is seen around 0.63 against the greenback and 81.00 against the yen.

The kiwi declined to a 5-day low of 1.6503 against the euro, following a high of 1.6451 set at 5:30 pm ET. On the downside, 1.67 is possibly seen as its next support level.

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