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Forex News: Australian, NZ Dollars Fall As Virus Worries Intensify

Australian, NZ Dollars Fall As Virus Worries Intensify

07/20/2021 - 03:47:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars depreciated against its major counterparts in the Asian session on Tuesday, as Asian shares followed Wall Street lower on growing fears that the outbreak of the coronavirus would threaten the global economic recovery.

Investors worry that a continued surge in coronavirus cases could lead to shutdowns and other restrictions in more countries to stop its spread.

The Centres for Disease Control and Prevention placed the U.K. on its highest risk category, ordering U.S. citizens to "avoid travel to the United Kingdom".

Brazil, South Africa and the Netherlands were also included on Level 4 category due to a spike in infections.

South Australia moved to a lockdown, joining Sydney and Victoria after identifying new cases of the Delta strain.

Australia's most populous state New South Wales continued to struggle with the Delta outbreak, recording 79 new cases today.

China left its benchmark lending rates unchanged after the central bank lowered its reserve requirement ratio last week.

The one-year loan prime rate was maintained at 3.85 percent and the five-year loan prime rate at 4.65 percent.

The aussie slipped to near an 8-month low of 0.7311 against the greenback, from a high of 0.7357 seen at 10:30 pm ET. The currency may face support around the 0.71 region.

The aussie weakened to 80.03 against the yen, 1.6113 against the euro and 0.9338 against the loonie, off its early highs of 80.60, 1.6041 and 0.9368, respectively. The aussie is seen locating support around 78 against the yen, 1.63 against the euro and 0.92 against the loonie.

The kiwi touched a 4-day low of 1.0614 against the aussie and more than an 8-month low of 0.6888 against the greenback, down from its prior highs of 1.0560 and 0.6954, respectively. On the downside, 1.09 and 0.66 are possibly seen as its next support levels against the aussie and the greenback, respectively.

Reversing from its previous highs of 76.18 against the yen and 1.6970 against the euro, the kiwi dropped to more than a 5-month low of 75.44 and near a 2-week low of 1.7096, respectively. If the kiwi slides further, it may find support around 74 against the yen and 1.72 against the euro.

Looking ahead, U.S. building permits and housing starts for June are set for release in the New York session.

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