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 release.

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 York.

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