Australian Dollar Falls Amid Weak China GDP Data, Inflation Worries
October 17 2021 - 11:26PM
RTTF2
The Australian dollar weakened against its major counterparts in
the Asian session on Monday, as a slowdown in China's economic
growth and inflation worries in the wake of rising energy prices
dampened risk sentiment.
Data from the National Bureau of Statistics showed that China's
gross domestic product expanded 4.9 percent on year in the third
quarter of 2021 - missing forecasts for 5.2 percent and down
sharply from 7.9 percent in the three months prior.
China's industrial production gained 3.1 percent on year in
September, missing forecasts for 4.5 percent and slowing from 5.1
percent in August.
Oil prices advanced amid a global energy crisis, as a shortage
of natural gas and coal is fueling more demand for oil to generate
power.
The aussie declined to a 4-day low of 0.7400 against the
greenback, from a high of 0.7437 seen at 6 pm ET. If the aussie
weakens further, 0.72 is possibly seen as its next support
level.
The aussie edged down to 84.50 against the yen and 1.5653 versus
the euro, from a 4-month high of 85.02 and a 5-month high of
1.5602, respectively seen in early trades. The aussie is seen
finding support around 82.00 against the yen and 1.58 versus the
euro.
The Australian currency reversed from an early high of 0.9193
against the loonie and fell back to 0.9170. The aussie may
challenge support around the 0.90 mark.
The aussie depreciated to nearly a 2-week low of 1.0449 against
the kiwi at 5:55 pm ET and held steady since then. The pair had
ended last week's deals at 1.0476.
Looking ahead, Canada housing starts for September are scheduled
for release at 8:15 am ET.
U.S. NAHB housing market index for October, industrial
production and monthly budget statement for September will be
released in the New York session.
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