Antipodean Currencies Fall Amid Risk-Off Mood

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Friday, as Asian stock markets traded lower amid concerns over upcoming reciprocal tariffs and the 25% tariffs on auto and auto components imports into the U.S. to go in to effect next week. The uncertainty about U.S. President Donald Trump's trade policies continue to weigh on market sentiment.

Traders may also be reluctant to make significant moves ahead of the release of the U.S. Fed's preferred readings on U.S. consumer price inflation later in the day.

Trump noted that he would impose far larger levies than currently planned if the EU and Canada collaborate to harm the U.S. economy. The imposition of tariffs will be on goods imported by countries that buy oil from Venezuela.

In the Asian trading today, the Australian dollar fell to a 3-day low of 1.7184 against the euro, from yesterday's closing value of 1.7142. The aussie may test support near the 1.75 region.

Against the U.S. and the Canadian dollar, the aussie edged down to 0.6281 and 0.8990 from Thursday's closing quotes of 0.6301 and 0.9014, respectively. If the aussie extends its downtrend, it is likely to find support around 0.61 against the greenback and 0.88 against the loonie.

The aussie edged down to 94.64 against the yen, from Thursday's closing value of 95.05. On the downside, 91.00 is seen as the next support level for the aussie.

The NZ dollar slid to a 4-day low of 1.8898 against the euro, from yesterday's closing value of 1.8832. The kiwi may test support near the 1.91 region.

Against the U.S. and the Australian dollars, the kiwi slipped to a 3-day low of 0.5712 and a 2-day low of 1.1006 from Thursday's closing quotes of 0.5735 and 1.0987, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.56 against the greenback and 1.11 against the aussie.

The kiwi edged down to 86.02 against the yen, from yesterday's closing value of 86.52. On the downside, 83.00 is seen as the next support level for the kiwi.

Looking ahead, Germany unemployment data and euro area business confidence for March are due to be released in the European session.

In the New York session, Canada GDP data for February, U.S. core PCE Price indx for February, U.S. personal income and spending data for February, U.S. University of Michigan's consumer sentiment for March and U.S. Baker Hughes oil rig count data are slated for release.