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Forex News: Australian, NZ Dollars Lower On Virus Worries

Australian, NZ Dollars Lower On Virus Worries

07/10/2020 - 04:21:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars lost ground against their major counterparts in the Asian session on Friday, as a surge in U.S. coronavirus cases triggered concerns about fresh lockdowns that could harm the economic recovery.

The United States recorded at least 60,565 new Covid-19 cases on Thursday, the largest single-day tally of cases by any country since the pandemic began.

The country's three biggest states - California, Florida and Texas - are reporting their largest single-day death tolls since the pandemic began, raising uncertainty about a recovery from the pandemic.

While some states are rolling back their reopenings, others are ordering people arriving from hotspots to quarantine.

Greek authorities said they are ready to re-impose public and travel restrictions next week. Italy has banned entry to people coming from 13 countries.

The World Health Organization said it is keeping an "open mind" on whether airborne transmission plays a major role in spreading the virus.

The aussie dropped to a 9-day low of 74.02 against the yen and a 3-day low of 0.6924 against the greenback, from its early highs of 74.68 and 0.6966, respectively. The aussie is seen finding support around 70.00 against the yen and 0.64 against the greenback.

Reversing from its early highs of 1.6192 against the euro and 0.9461 versus the loonie, the aussie edged lower to 1.6265 and 0.9432, respectively. The currency is likely to target support around 1.65 against the euro and 0.92 versus the loonie.

The aussie fell to 1.0569 versus the kiwi, its lowest level since April 22. If the aussie falls further, 1.02 is likely seen as its next possible support level.

The kiwi weakened to a 1-week low of 70.01 against the yen and a 2-day low of 0.6546 against the greenback, off its early highs of 70.47 and 0.6572, respectively. The kiwi is poised to face support around 67.00 against the yen and 0.62 against the greenback.

The kiwi reversed from its early 4-1/2-month high of 1.7162 against the euro and declined to 1.7217. On the downside, 1.75 is possibly seen as its next support level.

Demand for safe havens such as the yen and the greenback rose amid COVID-19 concerns.

The yen climbed to a 2-week high of 106.83 against the greenback, 9-day highs of 120.30 against the euro and 113.39 against the franc, after falling to 107.26, 121.07 and 114.05, respectively in early deals. The yen may face resistance around 104 against the greenback, 116.00 against the euro and 108.00 against the franc, should it rallies again.

The yen appreciated to a 3-day high of 134.39 against the pound and an 11-day high of 78.42 versus the loonie, up from its early lows of 135.20 and 78.97, respectively. Further uptrend may take the yen to a resistance around 129.00 against the pound and 76.00 versus the loonie.

The greenback strengthened to a 4-day high of 1.1258 against the euro, 2-day highs of 0.9424 against the franc and 1.2572 against the pound, following a decline to 1.1290, 0.9398 and 1.2611, respectively in early deals. Next key resistance for the greenback is seen around 1.10 against the euro, 0.96 against the franc and 1.20 against the pound.

Looking ahead, Canada jobs data and U.S. producer prices for June are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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