Commodity Currencies Weaken Amid Risk Aversion On U.S.-China Trade Worries

Date : 05/13/2019 @ 9:41AM
Source : RTTF2
Stock : Euro (B) VS New Zealand Dollar Spot (Eur/Nzd) (EURNZD)
Quote : 1.71903  -0.008435 (-0.49%) @ 7:52PM
Euro vs New Zealand Dollar share price Chart

Commodity Currencies Weaken Amid Risk Aversion On U.S.-China Trade Worries

Euro vs New Zealand Dollar (FX:EURNZD)
Forex Chart

2 Months : From Apr 2019 to Jun 2019

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The commodity currencies such as Australian, New Zealand and Canadian dollars drifted lower against their major opponents in the Asian session on Monday amid rising risk aversion on concerns about the escalating trade war between the U.S. and China.

Trade talks between the countries ended without a resolution last week and the U.S. hiked tariffs on about $200 billion worth of Chinese goods after the two countries failed to reach a trade deal.

Before returning from Washington, Chinese Vice Premier Liu He remarked that China want U.S. to lift tariffs on Chinese imports as a condition to reach a deal.

In economic releases, figures from Statistics New Zealand showed that New Zealand's food price inflation slowed for the second straight month in April.

The food price index that measures the changes in prices that households pay for food, climbed 1 percent year-on-year in April, following March's 1.2 percent increase and February's 1.7 percent rise.

The aussie dropped to 4-day lows of 0.6973 against the greenback, 76.49 against the yen and 1.6104 against the euro, from its early highs of 0.7001, 76.86 and 1.6041, respectively. The aussie is seen finding support around 0.68 against the greenback, 75.5 against the yen and 1.63 against the euro.

The aussie hit a 6-day low of 0.9371 against the loonie from Friday's closing value of 0.9386. Next key support for the aussie is seen around the 0.915 mark.

The Australian currency slipped to 1.0592 against the kiwi, from an early high of 1.0607, and held steady thereafter. The pair was worth 1.0601 at Friday's close.

The kiwi also declined to 4-day lows of 0.6577 against the greenback, 72.18 against the yen and 1.7074 against the euro, off its early highs of 0.6603, 72.51 and 1.7005, respectively. The kiwi is likely to find support around 0.64 against the greenback, 70.00 against the yen and 1.72 against the euro.

Simultaneously, the loonie edged down to 1.3444 against the greenback, 81.53 against the yen and 1.5104 against the euro, reversing from its early highs of 1.3416, 81.83 and 1.5071, respectively. The next possible support for the loonie is seen around 1.36 against the greenback, 80.5 against the yen and 1.52 against the euro.

In today's events, RBA Assistant Governor (Risk Management Committee) Guy Debelle will participate in a panel discussion titled "The End of Libor and the Impact on Australian Financial Markets" at the Reserve Bank of Australia in Sydney at 3:00 am ET.

Federal Reserve Governor Richard Clarida will deliver a speech at an event hosted by the Federal Reserve Bank of Boston at 9:05 am ET.

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P: V:fm D:20190618 12:07:09