Commodity Currencies Slide Amid Risk Aversion
05 3월 2024 - 12:25PM
RTTF2
Commodity currencies such as Australia, the New Zealand and the
Canadian dollars weakened against their major currencies in the
Asian session on Tuesday, as Asian shares traded lower after China
set this year's GDP growth target at 5 percent and vowed to push
ahead with transforming the growth model in the face of a raft of
economic problems.
Earlier today, a private survey showed that China's services
activity grew at a slower pace in February.
Investors also awaited Federal Reserve Chair Jerome Powell's
congressional testimony and key jobs data for further clues on the
U.S. central bank's rate trajectory.
Crude oil prices ended lower on concerns about the outlook for
energy demand after OPEC extended its output cuts to the end of the
second quarter. West Texas Intermediate Crude oil futures for April
ended lower by $1.23 or 1.5 percent at 78.74 a barrel.
The European Central Bank announces its monetary policy decision
on Thursday, with investors waiting for cues on when it would start
easing interest rates from record highs.
In economic news, the services sector in Australia moved to
expansion in February, the latest survey from Judo Bank said on
Tuesday with a services PMI score of 53.1. That's up from 49.1 and
it moved above the boom-or-bust line of 50 that separates expansion
from contraction.
Meanwhile, Australia posted a seasonally adjusted current
account surplus of A$11.8 billion in the fourth quarter of 2023,
the Australian Bureau of Statistics said on Tuesday. That beat
forecasts for a surplus of A$4.8 billion following the upwardly
revised A$1.3 billion surplus in the previous three months.
The capital and financial account deficit was A$9.730 billion, a
turnaround of A$13.214 billion on the third quarter 2023 surplus.
The net international investment liability position was A$836.635
billion at 31 December 2023.
In the Asian trading today, the Australian dollar fell to a
3-1/2-month low of 1.6744 against the euro and nearly a 3-week low
of 0.6478 against the U.S. dollar, from yesterday's closing quotes
of 1.6665 and 0.6511, respectively. If the aussie extends its
downtrend, it is likely to find support around 1.69 against the
euro and 0.63 against the greenback.
Against the NZ dollar and the yen, the aussie slipped to 4-day
lows of 1.0665 and 97.47 from Monday's closing quotes of 1.0681 and
98.00, respectively. The aussie may test support near the 1.05
region.
The aussie slipped to a 6-day low of 0.8806 against the Canadian
dollar, from yesterday's closing value of 0.8835. On the downside,
0.87 is seen as the next support level for the aussie.
The NZ dollar fell to nearly a 3-week low of 0.6073 against the
U.S. dollar and nearly a 1-1/2 month low of 1.7862 against the
euro, from yesterday's closing quotes of 0.6091 and 1.7811,
respectively. If the kiwi extends its downtrend, it is likely to
find support around 0.59 against the greenback and 1.80 against the
euro.
Against the yen, the kiwi dropped to a 4-day low of 91.38 from
Monday's closing value of 91.72. The kiwi may test support near the
90.00 region.
The Canadian dollar fell to nearly a 3-month low of 1.4751
against the euro and a 4-day low of 1.3599 against the U.S. dollar,
from yesterday's closing quotes of 1.4731 and 1.3571, respectively.
If the loonie extends its downtrend, it is likely to find support
around 1.48 against the euro and 1.37 against the greenback.
Against the yen, the loonie edged down to 110.64 from
yesterday's closing value of 110.86. The loonie is likely to find
support near the 108.00 region.
Looking ahead, PMI reports from various European economies and
U.K. for February and Eurozone PPI for January are due to be
released in the European session.
In the New York session, U.S. Redbook report, U.S. and Canada
PMI rports for February and U.S. factory orders for January are
slated for release.
At 12:00 pm ET, Federal Reserve Vice Chair for Supervision
Michael Barr will participate virtually in panel, "CRA
Modernization: A Conversation with Agency Leadership" before the
2024 National Interagency Community Reinvestment Conference in
Portland, Oregon, U.S.
Euro vs CAD (FX:EURCAD)
외환 차트
부터 4월(4) 2024 으로 5월(5) 2024
Euro vs CAD (FX:EURCAD)
외환 차트
부터 5월(5) 2023 으로 5월(5) 2024