Australian Dollar Falls On Rising Virus Cases In Victoria State
September 05 2021 - 11:50PM
RTTF2
The Australian dollar slipped against its most major
counterparts in the Asian session on Monday, as coronavirus cases
surged in the Australian state of Victoria despite progress in
vaccination.
Victoria has recorded 246 new cases of COVID-19, highest since
August 16, 2020.
New South Wales registered 1281 new local cases and 5 deaths,
with the premier warning that a peak could occur "in the next week
or so".
The Reserve Bank of Australia will meet on Tuesday, with
economists split over whether the central bank will postpone a plan
to reduce bond purchase program due to worsening outlook.
The RBA is expected to leave the cash rate at a record low of
0.1 percent.
Asian markets traded mixed as disappointing U.S. jobs data
triggered expectations about a delay in tapering of the bond
purchase program.
The U.S. markets will remain closed on account of the Labor Day
holiday.
The aussie declined to 0.7427 against the greenback, 0.9317
against the loonie and 1.5981 against the euro, off its early highs
of 0.7456 and 0.9339, and near a 4-week high of 1.5920,
respectively. The aussie may find support around 0.73 against the
greenback, 0.92 against the loonie and 1.62 against the euro.
The aussie eased off to 1.0405 against the kiwi, after rising to
1.0420 earlier in the session. The aussie is seen facing support
around the 1.01 mark.
In contrast, the aussie climbed to 81.83 against the yen from
Friday's close of 81.71. If the aussie rises further, 83.5 is
possibly seen as its next resistance level.
Looking ahead, U.K. construction PMI for August will be released
in the European session.
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