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Forex News: Australian, NZ Dollars Drift Lower Amid Rising Risk

Australian, NZ Dollars Drift Lower Amid Rising Risk Aversion

06/12/2019 - 03:33:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars slipped against their major counterparts in the Asian session on Wednesday amid rising risk aversion, as most Asian shares declined with investors awaiting further developments regarding the ongoing trade dispute between the U.S. and China.

Investors digested comments from U.S. President Donald Trump that he was holding up a trade deal with China and will not proceed with new trade talks until Beijing returns to terms that were previously agreed upon.

Following Trump's tariff threat, China's foreign ministry reportedly said it would respond firmly if the U.S. insisted on escalating its standoff with China.

In economic news, Australia's consumer confidence deteriorated in June as deepening concerns about the economy outweighed the initial boost from lower interest rates, survey data from Westpac showed.

The Westpac-Melbourne Institute Index of Consumer Sentiment fell to 100.7 in June from 101.3 in May.

The aussie weakened to a 9-day low of 0.6566 against the greenback, 8-day low of 75.24 against the yen and more than a 5-month low of 1.6327 against the euro, reversing from its early highs of 0.6964, 75.59 and 1.6264, respectively. The aussie is seen finding support around 0.67 against the greenback, 73.5 against the yen and 1.65 against the euro.

Reversing from an early high of 0.9250 and a weekly high of 1.0581, the aussie edged lower to 0.9229 against the loonie and 1.0561 against the kiwi, respectively. The currency is likely to target support around 0.91 against the loonie and 1.04 against the kiwi.

The kiwi slipped to a 9-day low of 0.6566 against the greenback and an 8-day low of 71.20 against the yen, off its early highs of 0.6587 and 71.49, respectively. If the kiwi falls further, 0.645 and 70.00 are likely seen as its next possible support levels against the greenback and the yen, respectively.

The kiwi declined to 1.7261 against the euro, its lowest since October 29, 2018. This follows a high of 1.7197 hit at 6:45 pm ET. On the downside, 1.73 is possibly seen as the next support level for the kiwi.

Looking ahead, at 4:15 am ET, European Central Bank President Mario Draghi will deliver a speech at the ECB conference on central, eastern, and south-eastern European countries, in Frankfurt.

The U.S. consumer prices and monthly budget statement for May are due in the New York session.

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