Australian Dollar Extends Slide
December 23 2014 - 2:10AM
RTTF2
The Australian dollar extended slide against the other major
currencies in the Asian session on Tuesday, as decline in commodity
prices curbed demand for commodity-linked currencies.
The benchmark S&P/ASX 200 index is currently down 61.10
points or 1.12 percent at 5,380. The broader All Ordinaries index
is also down 57.70 points or 1.07 percent at 5,356.
Energy producers and mining companies led declines on Australian
commodity market. Iron ore, Australia's biggest export also
sank.
Meanwhile, trading volumes were thin and expected to remain so
this week, ahead of the Christmas holiday and the New Year's
holiday.
On Monday, the Australian dollar rose 0.08 percent against the
Canadian dollar and 0.03 percent against the NZ dollar.
In the Asian trading today, the Australian dollar fell to a
4-1/2-year low of 0.8093 against the U.S. dollar, from an early
high of 0.8133. If the aussie extends its downtrend, it is likely
to find support around the 0.79 area.
Against the Canadian dollar, the aussie dropped to a 16-month
low of 0.9400 from an early high of 0.9460. On the downside, 0.937
is seen as the next support level for the aussie.
The aussie edged down to 97.17 against the yen from an early
high of 97.67. Continuation of bearish trend may lead the aussie to
a support around the 95.12 mark.
Pulling away from early highs of 1.0519 against the NZ dollar
and 1.5027 against the euro, the aussie depreciated to a 6-day low
of 1.0475 and a 5-day low of 1.5111, respectively. The aussie may
test support near 1.03 against the kiwi and 1.53 against the
euro.
Looking ahead, Canada GDP for October and U.S. durable goods
orders for November, U.S. final third-quarter GDP data, house price
index for October and personal income and spending data for
November are due to be released in the New York session.
At 9:55 am ET, U.S. Reuters/University of Michigan's final
consumer sentiment index for December is due to be released.
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