Australian, New Zealand Dollars Drop Amid Risk Aversion
18 Marzo 2020 - 2:07AM
RTTF2
The Australian and New Zealand dollars fell against their major
counterparts in the European session on Wednesday amid risk
aversion, as renewed concerns about a spreading coronavirus
epidemic offset stimulus hopes.
The virus so far infected close to 200,000 people worldwide and
killed more than 7,500. Imported coronavirus cases in China
outpaced local infections for the 5th day.
U.S. President Donald Trump pressed for a $1 trillion stimulus
package on Tuesday, aimed to deliver $1,000 cheques to Americans
within two weeks to buttress an economy hit by coronavirus outbreak
that has killed over 100 people in the country.
Data from Westpac showed that Australia's leading index signaled
that the economy is entering an extremely difficult coronavirus
period.
The Westpac- Melbourne Institute leading index, which indicates
the likely pace of economic activity relative to trend three to
nine months into the future, fell to -0.96 percent in February from
-0.49 percent in January.
The aussie dropped to 11-year lows of 1.8569 against the euro
and 63.57 against the yen, from its early highs of 1.8248 and
64.86, respectively. The next likely support for the aussie lies
around 1.90 against the euro and 61.00 against the yen.
The aussie fell to a 17-year low of 0.5920 against the
greenback, from a high of 0.6028 seen at 1:00 am ET. Next near term
support for the aussie is likely seen around the 0.58 level.
Reversing from an early high of 0.8559 versus the loonie, the
aussie dropped to 0.8458. On the downside, 0.825 is likely seen as
the next support level for the aussie.
The kiwi weakened to 9-day lows of 62.67 against the yen and
1.8815 against the euro, off its early highs of 64.21 and 1.8430,
respectively. The kiwi is seen finding support around 59.00 against
the yen and 1.90 against the euro.
The kiwi slipped to a 2-day low of 1.0153 against the aussie and
an 11-year low of 0.5839 against the greenback, after rising to
1.0063 and 0.5968, respectively in early deals. The currency may
challenge support around 1.045 against the aussie and 0.56 against
the greenback, if it weakens further.
Looking ahead, Canada CPI, U.S. housing starts and building
permits, all for February, are due out in the New York session.
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