Australian Dollar Falls In Cautious Trade
March 21 2022 - 12:53AM
RTTF2
The Australian dollar slipped against its major counterparts in
the European session on Monday, as the People's Bank of China left
borrowing costs unchanged and Ukraine concerns intensified after
Kyiv rejected Russia's demand to surrender the southeast port city
of Mariupol.
Ukraine's Deputy Prime Minister Iryna Vereshchuk said that there
can be no question of Ukrainian forces in Mariupol to lay down
their arms. Russia's deadline to surrender has expired at 5 am
Moscow time.
China kept its benchmark lending rates unchanged, as widely
expected.
The one-year loan prime rate was retained at 3.70 percent and
the five-year LPR, the benchmark for mortgage rates, was maintained
at 4.60 percent.
Russian and Ukrainian negotiators will continue with their talks
via online.
The aussie dropped to 0.7385 against the greenback and 88.04
against the yen, off its early 2-week high of 0.7425 and more than
a 4-year high of 88.50, respectively. The aussie is seen finding
support around 0.70 against the greenback and 86.00 against the
yen.
The aussie depreciated to 0.9305 against the loonie and 1.4976
against the euro, reversing from an early high of 0.9352 and near a
2-week high of 1.4879, respectively. If the aussie falls further,
it is likely to test support around 0.91 versus the loonie and 1.52
versus the euro.
The aussie held steady at 1.0717 against the kiwi, after having
retreated from a 2-week high of 1.0744 seen in the Asian session.
At Friday's trading close, the pair was quoted at 1.0733.
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