Commodity Currencies Slide On Weak Asian Shares

RTTNews | 617 dias atrás
Commodity Currencies Slide On Weak Asian Shares

(RTTNews) - Commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Monday, as investor sentiment remained cautious amid concerns about interest rates and the impact of higher borrowing costs on global economic growth.

Traders are reluctant to make significant moves as they await key economic data from the U.S., China and Europe for additional clues about the outlook for interest rates.

Traders also cautiously await domestic inflation data later in the week that will provide cues on the outlook for interest rates.

Crude oil prices fell sharply, with traders waiting on a crucial OPEC meeting this week as oil producers struggling to come to a consensus on production levels. West Texas Intermediate Crude oil futures for January ended lower by $1.56 or 2 percent at $75.54 a barrel.

In the Asian trading today, the Australian dollar fell to a 4-day low of 97.81 against the yen, from last week's closing value of 98.36. The aussie may test support near the 95.00 region.

Against the euro, the aussie dropped to a 5-day low of 1.6667 from a recent near 3-week high of 1.6593. On the downside, 1.69 is seen as the next support level for the aussie.

Moving away from a recent near 4-month high of 0.6595 against the U.S. dollar, the aussie edged down to 0.6566. If the aussie extends its downtrend, it is likely to find support around the 0.63 area.

The NZ dollar fell to 4-day lows of 90.28 against the yen and 1.8055 against the euro, from last week's closing quotes of 90.73 and 1.8004, respectively. If the kiwi extends its downtrend, it is likely to find support around 87.00 against the yen and 1.82 against the euro.

Against the U.S. and the Australian dollars, the kiwi edged down to 0.6061 and 1.0844 from Friday's closing quotes of 0.6071 and 1.0833, respectively. The kiwi may test support near 0.58 against the greenback and 1.09 against the aussie.

The Canadian dollar fell to 109.00 against the yen and 1.4952 against the euro, from Friday's closing quotes of 109.57 and 1.4915, respectively. If the loonie extends its downtrend, it is likely to find support around 107.00 against the yen and 1.50 against the euro.

Against the U.S. and the Australian dollars, the loonnie dropped to 1.3662 and 0.8990 from last week's closing quotes of 1.3635 and 0.8975, respectively. The loonie may test support near the 1.38 against the greenback and 0.90 against the aussie.

Meanwhile, the safe-haven currency, the yen rose against other major currencies amid risk aversion.

The yen rose to 4-day highs of 148.90 against the U.S. dollar and 168.76 against the Swiss franc, from last week's closing quotes of 149.44 and 169.28, respectively. The yen may test resistance around 147.00 against the greenback and 166.00 against the franc.

Against the euro and the pound, the yen climbed to 162.94 and 187.61 from Friday's closing quotes of 163.47 and 188.34, respectively. If the yen extends its uptrend, it is likely to find resistance around 160.00 against the euro and 184.00 against the pound.

Looking ahead, U.S. final building permits and new home sales data, both for October and U.S. Dallas Fed manufacturing index for November, are due to be released in the New York session.

At 9:00 am ET, European Central Bank President Christine Lagarde is set to speak at a conference in Brussels, Belgium.

read more
Pound Rises As Traders Await BoE Monetary Policy Meeting

Pound Rises As Traders Await BoE Monetary Policy Meeting

The British pound strengthened against other major currencies in the European session on Tuesday, as traders shift their focus to the Bank of England's (BoE) monetary policy announcement on Thursday.
RTTNews | 8h 8min atrás
Pound Rises Against Majors

Pound Rises Against Majors

The British pound strengthened against other major currencies in the European session on Tuesday.
RTTNews | 9h 1min atrás
Yen Rises Amid BoJ Rate Hike Speculation

Yen Rises Amid BoJ Rate Hike Speculation

The Japanese yen strengthened against other major currencies in the Asian session on Tuesday, as the Bank of Japan's (BoJ) meeting minutes suggest the possibility of interest rate increases, contingent upon the anticipated performance of the economy and price.
RTTNews | 9h 15min atrás
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Tuesday.
RTTNews | 11h 23min atrás
Yen Advances Against Majors

Yen Advances Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Monday, amid fading hopes for an immediate the Bank of Japan (BoJ) rate hike.
RTTNews | 1 dia atrás
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Monday.
RTTNews | 1 dia atrás
Yen Rises After BoJ Rate Decision

Yen Rises After BoJ Rate Decision

The Japanese yen strengthened against other major currencies in the Asian session on Thursday, following the Bank of Japan's decision to increase its inflation forecast for the fiscal year while maintaining steady interest rates.
RTTNews | 5 dias atrás