Australian, NZ Dollars Fall On Fed Outlook
10 Junio 2020 - 10:57PM
RTTF2
The Australian and NZ dollars dropped against their major
counterparts in the Asian session on Thursday amid risk aversion,
as the U.S. Federal Reserve pledged to keep rates on hold for the
foreseeable future and gave a dour outlook for the economy due to
the coronavirus crisis.
After pledging to keep interest rates at current near-zero
levels through 2022 and promising to maintain bond purchases at
"the current pace", the Fed projected that the U.S. economy will
contract by 6.5 percent this year. Unemployment is expected to be
at 9.3 percent by the end of 2020.
Data from Statistics New Zealand showed that New Zealand retail
credit card spending rose a seasonally adjusted 79 percent on month
in May.
That followed the Covid-19 pandemic-induced 46.8 percent monthly
plunge in April.
The kiwi dropped to a 2-day low of 0.6483 against the greenback,
8-day low of 69.34 against the yen and a 6-day low of 1.7500
against the euro, after rising to 0.6542, 70.06 and 1.7382,
respectively in early deals. The kiwi is poised to find support
around 0.62 against the greenback, 66.00 against the yen and 1.80
against the euro.
The aussie declined to 2-day lows of 0.6915 against the
greenback and 1.0664 against the kiwi, from its early highs of
0.7004 and 1.0711, respectively. If the aussie drops further, 0.65
and 1.04 are possibly seen as its next support levels against the
greenback and the kiwi, respectively.
Reversing from its early highs of 75.01 against the yen and
1.6237 against the euro, the aussie depreciated to 9-day lows of
73.99 and 1.6395, respectively. Next key support for the aussie is
seen around 70.00 against the yen and 1.68 against the euro.
The aussie reversed from its early high of 0.9388 against the
loonie, with the pair trading at 0.9388. On the downside, 0.91 is
likely seen as the next support level for the aussie.
Looking ahead, U.S. weekly jobless claims for the week ended
June 6 and producer price index for May are due in the New York
session.
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