Australian Dollar Weakens Against Majors
May 02 2012 - 10:50PM
RTTF2
During early Asian deals on Thursday, the Australian dollar
weakened against other major currencies as a report from the
Australian Industry Group showed that the country's performance of
service index plunged in April.
The headline figure came in with a score of 39.6, falling
sharply from the March reading of 47.0.
Adding to aussie's slide, a survey by the China Federation of
Logistics and Purchasing (CFLP) and the National Bureau of
Statistics showed that China's non-manufacturing sector growth
slowed in April, with the index declining to 56.1 in April from 58
in March.
The Australian dollar slipped to as low as 1.0288 against the US
dollar and 82.48 against the Japanese yen, compared to Wednesday's
close of 1.0335 and 82.84, respectively. The next downside target
level for the aussie is seen at 1.026 against the greenback and
82.2 against the yen.
The Australian dollar that ended yesterday's trading at 1.0198
against the Canadian dollar fell to more than a 5-month low of
1.0150. If the aussie-loonie pair weakens further, it may likely
target the 1.010 level.
Against the euro, the Australian dollar dropped to 1.2780,
compared to 1.2738 hit late New York Wednesday. On the downside,
1.280 is seen as the next target level for the Australian
currency.
Looking ahead, U.K. service PMI for April and the Eurozone PPI
for March are slated for release in the European session.
At 7:45 am ET, European Central Bank is due to announce its
interest rate decision. Analysts expect the central bank to retain
its rate at 1 percent.
From the U.S., weekly jobless claims report for the week ended
April 28, preliminary report on fourth quarter non-farm
productivity and unit labor costs and the Institute for Supply
Management's non-manufacturing survey for April are expected in the
New York morning session.
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