Australian Dollar Lower Amid Rising Risk Aversion
07 Février 2020 - 03:29AM
RTTF2
The Australian dollar depreciated against its major counterparts
in the Asian session on Friday amid rising risk aversion, as
caution prevailed ahead of China's January trade data and a key
U.S. jobs report due out later in the day.
U.S. employment is expected to increase by about 160,000 jobs in
January after an increase of 145,000 jobs in December. The
unemployment rate is expected to hold at 3.5 percent.
Meanwhile, the official Chinese death toll from the coronavirus
outbreak rose to 636 and total infections climbed past 31,000.
The Reserve Bank of Australia lowered its growth projection as
the recent bushfires, drought and the outbreak of coronavirus weigh
on exports.
In its quarterly Statement on Monetary Policy, the central bank
projected growth to remain at 2 percent in the year to June 2020
compared to the previous forecast of 2.5 percent.
The aussie fell to a 3-day low of 0.6712 against the greenback
from Thursday's closing value of 0.6729. The next possible support
for the aussie is seen around the 0.63 level.
The aussie depreciated to a 2-day low of 73.74 against the yen
and held steady thereafter. The aussie is seen finding support
around the 72.00 region.
The Australian currency slipped to a 2-day low of 1.6364 against
the euro and a 3-day low of 0.8921 against the loonie, from its
early highs of 1.6298 and 0.8950, respectively. On the downside,
1.66 and 0.87 are possibly seen as the next support levels for the
aussie against the euro and the loonie, respectively.
Pulling away from an early high of 1.0425 against the kiwi, the
aussie edged lower to 1.0398. If the aussie extends decline, 1.02
is possibly seen as its next support level.
Looking ahead, U.S. and Canadian jobs data for January, U.S.
final wholesale inventories and consumer credit for December and
Canada Ivey PMI for January are set for release in the New York
session.
AUD vs US Dollar (FX:AUDUSD)
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AUD vs US Dollar (FX:AUDUSD)
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