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Forex News: Australian, NZ Dollars Lower On Trade, Virus Concerns

Australian, NZ Dollars Lower On Trade, Virus Concerns

08/07/2020 - 03:36:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Friday, as U.S.-China tensions intensified after U.S. President Donald Trump banned transactions with China's tech giant Tencent as well as ByteDance.

The announcement overshadowed better-than-expected exports data from China.

Worries about the growing number of coronavirus cases in Europe, particularly in France, Germany and Spain, also dampened sentiment. Investors await U.S. jobs report to assess the economic fallout from the coronavirus pandemic.

Economists expect U.S. employment to jump by about 1.6 million jobs in July after spiking by 4.8 million jobs in June. The unemployment rate is expected to dip to 10.5 percent from 11.1 percent. In its quarterly Statement on Monetary Policy, the Reserve Bank of Australia said that Australia's economy is set to log a slow recovery given the ongoing spread of the coronavirus and the response to contain it.

According to baseline scenario of RBA, GDP is expected to contract by around 6 percent over the year to December 2020, but then grow by around 5 percent over 2021.

The aussie declined to 75.99 against the yen and 0.7195 against the greenback, reversing from its early high of 76.44 and a 1-1/2-year high of 0.7243, respectively. The next likely support for the aussie is seen around 72.5 against the yen and 0.70 against the greenback.

The aussie eased to 1.6440 against the euro, after rising to 1.6400 at 8.15 pm ET. The aussie is poised to challenge support around the 1.67 level.

The aussie retreated to 0.9608 against the loonie, from an early 1-week high of 0.9640, and held steady thereafter. The aussie may find support around the 0.94 level, should it drops again.

The aussie dropped to a 2-day low of 1.0799 against the kiwi, following a high of 1.0830 hit at 8.00 pm ET. Next immediate support for the aussie is seen near the 1.06 region.

The kiwi depreciated to 70.35 against the yen and 0.6691 against the greenback, after reaching as high as 70.62 and 0.6661, respectively in early deals. The kiwi is seen challenging support around 65.00 against the yen and 0.64 against the greenback.

Reversing from a 4-day high of 1.7726 set at 11:00 pm ET, the kiwi pulled back to 1.7757 against the euro. On the downside, 1.80 is possibly seen as its next support level.

Looking ahead, U.K. Halifax house price index for July will be out in the European session.

The U.S and Canadian jobs data and Canada Ivey PMI, all for July, as well as U.S. wholesale inventories and consumer credit for June are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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