Australian Dollar Falls In Cautious Trade
October 12 2021 - 11:04PM
RTTF2
The Australian dollar depreciated against its key counterparts
in the Asian session on Wednesday, as risk sentiment dampened on
inflation fears due to elevated oil prices and a looming reduction
in Federal Reserve bond purchases.
Three Fed officials including Vice Chair Richard Clarida said
overnight that the U.S. economy is showing substantial improvement
to begin the withdrawal of the QE program.
Investors awaited a report on U.S. consumer price inflation as
well as the minutes of the latest Federal Reserve meeting for more
clues on the policy outlook.
The International Monetary Fund slashed its global growth
forecast for this year as the chips shortage and energy crunch
continue to pose downside risks to recovery.
Australia's coronavirus situation also continues to be a
concern, particularly in New South Wales and Victoria, as it is
hindering economic activity. Victoria reported 1,571 new cases of
COVID-19 and thirteen deaths on Tuesday, with 19,861 total active
cases across Victoria. NSW recorded 444 new local cases and four
deaths.
The aussie fell to 2-day lows of 0.7330 against the greenback,
0.9131 against the loonie and 1.0565 against the kiwi, off its
prior highs of 0.7352, 0.9165 and 1.0609, respectively. The aussie
is poised to find support around 0.70 against the greenback, 0.90
against the loonie and 1.03 against the kiwi.
The aussie dropped to 83.12 against the yen and 1.5751 against
the euro, from its early highs of 83.53 and 1.5674, respectively.
The aussie is seen finding support around 80.00 against the yen and
1.59 against the euro.
Looking ahead, Eurozone industrial production for August will be
out in the European session.
U.S. inflation data for September is due in the New York
session.
The Fed minutes from the September 21-22 meeting are set for
release at 2:00 pm ET.
AUD vs NZD (FX:AUDNZD)
Forex Chart
From Aug 2024 to Sep 2024
AUD vs NZD (FX:AUDNZD)
Forex Chart
From Sep 2023 to Sep 2024