Australian Dollar Weakens Against Majors

Date : 05/02/2012 @ 10:50PM
Source : RTTF2
Stock : Euro (B) VS Australian Dollar Spot (Eur/Aud) (EURAUD)
Quote : 1.599925  0.00191 (0.12%) @ 8:31AM
Euro vs Australian Dollar share price Chart

Australian Dollar Weakens Against Majors

Euro vs Australian Dollar (FX:EURAUD)
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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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