Australian, New Zealand Dollars Fall On China Data
The Australian and New Zealand dollars dropped against their
major counterparts in the Asian session on Friday, as China
manufacturing sector activity unexpectedly stalled in November,
while investors cautiously await the highly-anticipated meeting
between U.S. President Donald Trump and his Chinese counterpart Xi
Jinping at the G-20 summit in Argentina this weekend.
The latest survey from the National Bureau of Statistics showed
that China manufacturing sector stagnated in November, with a
manufacturing PMI score of 50.0.
That missed expectations for a score of 50.2, which would have
been unchanged from the October reading. It's also squarely on the
line that separates expansion from contraction.
The minutes from the Federal Reserve's recent meeting showed
that officials expressed support for a fourth hike this year if the
labor market and inflation meet or exceed expectations. In economic
news, data from the Reserve Bank of Australia showed that
Australia's private sector credit rose 0.4 percent on month in
October - unchanged and in line with expectations.
On a yearly basis, credit was up 4.6 percent - again unchanged
and as expected.
The aussie retreated to 0.7311 against the greenback, from a
high of 0.7326 hit at 7:30 pm ET. The aussie is likely to find
support around the 0.72 level.
The Australian currency was trading lower at 82.92 against the
yen, down from a high of 83.08 set at 7:45 pm ET. The next possible
support for the aussie is seen around the 82.00 mark.
Data from the Ministry of Economy, Trade and Industry showed
that Japan industrial output rose a seasonally adjusted 2.9 percent
on month in October.
That exceeded forecasts for an increase of 1.1 percent following
the 0.4 percent decline in September.
The aussie edged down to 1.5579 against the euro, compared to
yesterday's closing value of 1.5564. If the aussie slides further,
it may find support around the 1.58 region.
The aussie fell back to 1.0654 against the kiwi and held steady
thereafter. At yesterday's close, the pair was worth 1.0669.
The kiwi pared gains to 0.6855 against the greenback and 77.72
against the yen, from its early highs of 0.6870 and 77.91,
respectively. The kiwi is poised to find support around 0.66
against the greenback and 76.00 against the yen.
The kiwi reversed from an early high of 1.6581 against the euro,
easing back to 1.6616. Next key support for the kiwi is seen around
the 1.68 level.
Looking ahead, Swiss KOF leading indicator for November,
Eurozone jobless rate for October and consumer inflation for
November are due in the European session.
In the New York session, Canada GDP data for September and
industrial product price index for October are scheduled for
New York Fed President John Williams participates in a panel
discussion titled "The Global Economy: Addressing a Future
Downturn" at the 80th Plenary Meeting of the Group of Thirty in New
AUD vs US Dollar (FX:AUDUSD)
From Oct 2020 to Nov 2020
AUD vs US Dollar (FX:AUDUSD)
From Nov 2019 to Nov 2020