Australian, NZ Dollars Lower On Rising Risk Aversion
August 25 2021 - 10:34PM
RTTF2
The Australian and NZ dollars fell against their major
counterparts in the Asian session on Thursday, as most Asian stocks
fell, led by a decline in Chinese shares on persistent fears over
Beijing's crackdown on the private sector.
Traders await Jackson Hole symposium for more insights about the
Fed's plan to scale back bond purchase program.
Fed Chair Jerome Powell will deliver a speech on Friday, which
will be parsed over whether the delta threat may forbid an imminent
tightening of policy.
A resurgence in Delta variant virus cases in several parts of
the region clouded near term outlook.
Oil prices fell as coronavirus restrictions due to the spike in
infections raised demand worries.
The aussie dropped to 79.78 against the yen, 1.6218 against the
euro and 0.7252 against the greenback, off its early highs of 80.09
and 1.6168, and a session's high of 0.7280, respectively. The
aussie may find support around 77.5 against the yen, 1.65 against
the euro and 0.70 against the greenback.
The aussie pulled back to 1.0423 against the kiwi, following a
high of 1.0444 hit at 8.15 pm ET. On the downside, 1.02 is possibly
seen as its next support level. The aussie reached as low as 0.9147
against the loonie at 5:30 pm ET and was steady thereafter. The
pair had closed Wednesday's deals at 0.9157.
The kiwi depreciated to 0.6951 against the greenback, 76.50
against the yen and 1.6921 against the euro, after rising to
0.6975, 76.73 and 1.6858, respectively in early deals. The kiwi is
seen challenging support around 0.68 against the greenback, 74.5
against the yen and 1.71 against the euro.
Looking ahead, the European Central Bank publishes the account
of the monetary policy meeting of the Governing Council held on
July 21-22 at 7:30 am ET.
U.S. GDP data for second quarter and weekly jobless claims for
the week ended August 21 will be released in the New York
session.
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