Forex News

Aussie & kiwi dlrs pare losses, but growth concerns resurface

21 September, 2012 - Reuters

WELLINGTON/SYDNEY, Sept 21 (Reuters) - The Australian and New Zealand dollars pared losses on Friday but remained under pressure as a raft of soft data in China, the United States, and Europe renewed concerns about the global growth outlook.

  • The Aussie around $1.0428 from Thursday's late local level of $1.0408. It touched a low of $1.0367 overnight, well off the five-month high of $1.0625 hit last week.
  • A clean break below $1.0400 would target $1.0340, the 61.8 percent retracement of the move from $1.0165 to $1.0625, with resistance at around $1.0500.
  • The New Zealand dollar fares better at around $0.8280 from Thursday's local close of $0.8251, as it retains a little glow after the previous day's solid growth data.
  • Kiwi support initially at $0.8250, Thursday's intra-session low, and below that the overnight low of $0.8208, with $0.8304 seen capping the topside.
  • Euro dips to a one-week low against the U.S. dollar even as Spain has a successful debt sale at the lowest cost since January.
  • U.S. manufacturing suffers its weakest quarter in three years and conditions at European businesses worsened, surveys show on Thursday.
  • The data follows an index measuring manufacturing activity in China steadying in September just off a nine-month low the month before, but the data points to a slowing economy.
  • The data did little to ease concerns about China's steel sector, the biggest in the world and the largest customer of Australia's iron ore.
  • Interbank futures have narrowed the odds of an easing in the RBA's 3.5 percent cash rate, factoring a 60 pct probability of a cut in October. They are fully pricing in a move in November.
  • The Aussie slips against a broadly firmer yen. It was last at 81.57 , unwinding all of Wednesday's rise to 82.94 which had come in reaction to a larger-than-expected easing from the Bank of Japan.
  • The euro trims its gains on the Aussie to A$1.2428

    from A$1.2486. It hit a three-month peak of A$1.2552 this week.

  • Kiwi performs better on cross rates, up around 0.2 percent at 64.80 yen while the euro retreats nearly 1 percent to NZ$1.5638 just above a one-week low.
  • Australia data free on Friday, New Zealand has minor numbers in shape of migration and credit card.
  • Next week sees a flurry of RBA events -- financial stability report, and a couple of speeches by officials. New Zealand has data on trade, business sentiment, building.
  • Australian debt futures renewed their decline, with the three-year contract down 0.04 points to 97.460. The 10-year contract eased 0.035 points to 96.830.
  • New Zealand government bonds largely flat but with a hint of a bid tone at the long end of the curve.

    Copyright Thomson Reuters 2012. All rights reserved.

    The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

  • Currency Converter


    Market Rate For information purposes only. Terms of Use
    For details, see My FX Dashboard

    For OzForex’s customer rate
    Log In or Register Now
    Rate: 0.9391
    =
    Rate: 1.0648
    =

    Free Registration

    International money transfers at better rates than the banks.


    Currency News



    Follow on LinkedIn Follow on LinkedIn

    Rate Alerts

    /
     
    Choose currency pair and enter the exchange rate. An alert will be triggered when the exchange rate is reached and an email will be sent to you. You can unsubscribe any time and your email address is safe – see our Privacy Policy.

    NOTE: These rates are for informational purposes only

    IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Group Limited ABN 12 165-602-273 and its subsidiaries ("OzForex") make no recommendations as to the merits of any financial product referred to in this website, emails or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.
    DISCLAIMER: OzForex makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this web site. Read full disclaimer.
    OzForex provides international money transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service.
    OzForex Limited, a wholly owned subsidiary of OzForex Group Limited, is regulated in Australia by ASIC (AFS Licence number 226 484) © 2011 OzForex Limited ABN 65 092-375-703. Read our Money Laundering Statement.