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Forex News: Commodity Currencies Lower After Apple Warning

Commodity Currencies Lower After Apple Warning

02/18/2020 - 02:12:00 (RTTNews)

(RTTNews) - The commodity currencies such as the Australian, the New Zealand and the Canadian dollars fell against their major counterparts in the Asian session on Tuesday, as risk sentiment faded amid coronavirus concerns and as tech giant Apple warned it does not expect to achieve its revenue forecast for the March quarter due to lower iPhone sales and weak Chinese demand.

Asian stocks were mostly lower after Apple said it would not meet its revenue guidance for the second quarter due to lower smartphone demand, and temporary work slowdowns related to coronavirus outbreak in China.

The warning offset investor optimism about economic stimulus from Beijing to mitigate the fallout from the coronavirus outbreak.

The Chinese government said that the virus has killed 1,868 people and infected 72,436 so far.

Worries intensified after the director of Wuchang Hospital in Wuhan has died from virus despite rescue efforts.

Reversing from its early highs of 0.6715 versus the greenback and 73.78 against the yen, the aussie dropped to a 1-week low of 0.6684 and an 8-day low of 73.30, respectively. On the downside, 0.64 and 72.00 are likely seen as the next support levels for the aussie against the greenback and the yen, respectively.

After rising to 1.6131 against the euro and 0.8888 against the loonie earlier in the session, the aussie weakened to a 5-day low of 1.6201 and more than a 2-week low of 0.8859, respectively. Extension of downtrend is likely to see the aussie testing support around 1.63 against the euro and 0.87 against the loonie.

The kiwi also dropped, touching a 5-day low of 1.6900 against the euro, 6-day lows of 0.6406 versus the greenback and 70.27 against the yen, easing off from its previous highs of 1.6821, 0.6442 and 70.76, respectively. The kiwi is seen challenging support around 1.70 against the euro, 0.63 versus the greenback and 69.00 against the yen.

The kiwi was down against the aussie at 1.0442, retreating from a 5-day high of 1.0415 set in early trading. The next near term support for the kiwi is found around the 1.06 mark.

The loonie slipped to 4-day lows of 1.3256 versus the greenback and 82.74 against the yen, after having risen to 1.3229 and 83.03, respectively in early deals. The loonie is likely to face around support around 1.35 versus the greenback and 79.00 against the yen.

The loonie fell against the euro, with the EUR/CAD pair hitting 1.4356. Immediate support for the loonie is possibly seen around the 79.00 level.

Looking ahead, German ZEW economic sentiment index for February, U.K. ILO unemployment rate for three months ended December and claimant count rate for January are due in the European session.

Canada manufacturing sales for December, New York Fed's empire manufacturing data and NAHB housing market index for February are scheduled for release in the New York session.

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