Australian Dollar Falls Amid Risk Aversion
November 19 2018 - 8:39PM
RTTF2
The Australian dollar fell against its major counterparts in the
Asian session on Tuesday, as Asian shares fell following the weak
cues overnight from Wall Street and reflecting weakness in
technology stocks fueled by concerns about weak demand for Apple's
iPhones.
Lingering worries about global economic growth and U.S.-China
trade tensions also weighed on sentiment.
Minutes from the Reserve Bank of Australia's latest meeting
showed that members of the monetary policy board said that the
country's economy has continued to pick up steam, and at a slightly
faster rate than expected.
The appreciating U.S. dollar and its effect on the Australian
currency has helped to boost domestic growth, the minutes said.
They added that the inflation rate remained low and stable beneath
the midpoint of the target range, as expected.
The aussie fell to 4-day lows of 0.7268 against the greenback
and 0.9575 against the loonie, from its early highs of 0.7301 and
0.9614, respectively. The aussie is poised to find support around
0.71 against the greenback and 0.95 against the loonie.
The aussie declined to a weekly low of 81.78 against the yen and
near a 2-week low of 1.5747 against the euro, off its early highs
of 82.22 and 1.5682, respectively. If the aussie slides further,
80.00 and 1.59 are likely seen as its next support levels against
the yen and the euro, respectively.
The aussie slipped to a 6-day low of 1.0626 versus the kiwi,
after having advanced to 1.0669 at 7:00 pm ET. On the downside,
1.05 is possibly seen as the next support level for the aussie.
Looking ahead, the Bank of England Governor Mark Carney and MPC
members will testify on inflation and the economic outlook before
the Parliament's Treasury Committee.
In the New York session, U.S. housing starts and building
permits for October are due.
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