Antipodean Currencies Fall As Most Asian Markets Traded Lower
24 März 2023 - 04:05AM
The Australia and New Zealand dollars weakened against their
major currencies in the Asian session on Friday, after investors
remained cautious as lingering concerns about the recent turmoil in
the banking sector continue to hang over the markets. Concerns that
interest rate hikes by several central banks could slow down
economic growth is also weighing on the markets.
Following the U.S. Fed's interest rate move on Wednesday, Swiss
National Bank and the Bank of England raised their respective
interest rates on Thursday to fight inflation.
In the Asian session today, the Australian dollar fell to a
1-year low of 86.72 against the yen, from yesterday's closing value
of 87.38. The aussie is likely to find its support level around the
Against the U.S. and the Canadian dollars, the aussie dropped to
a 3-day low of 0.6659 and a 2-day low of 0.9144 from yesterday's
closing quotes of 0.6682 and 0.9163, respectively. If the aussie
extends its downtrend, it is likely to find support around 0.65
against the greenback and 0.88 against the loonie.
The aussie edged down to 1.6251 against the euro, from
yesterday's closing value of 1.6192. On the downside, 1.63 is seen
as the next support level for the aussie.
The NZ dollar fell to an 8-day low of 81.13 against the yen,
from yesterday's closing value of 81.38. The NZD/JPY pair may find
its support level around the 78.00 area.
The kiwi dropped to 81.13 against the euro, from yesterday's
closing value of 81.38. On the downside, 1.75 is seen as the next
support level for the kiwi.
Against the U.S. and the Australian dollars, the kiwi slipped to
0.6229 and 1.0721 from yesterday's closing quotes of 0.6248 and
1.0687, respectively. If the kiwi extends its downtrend, it may
find support around 0.60 against the greenback and 1.09 against the
Meanwhile, the safe-haven currencies such as the yen and the
U.S. dollar rose against their major rivals, as most Asian markets
In economic news, data from the Ministry of Internal Affairs and
Communications showed that the overall consumer prices in Japan
were up 3.3 percent on year in February. That was slightly lower
than forecasts for 3.6 percent and down from 4.3 percent in
January. On a seasonally adjusted monthly basis, consumer prices
were down 0.6 percent versus expectations for a decline of 0.3
percent following the 0.5 percent increase in the previous month.
The manufacturing sector in Japan continued to contract in March,
albeit at a slower pace, the latest survey from Jibun Bank
revealed, with a manufacturing PMI score of 48.6. That's up from
47.7 in February. The survey also showed that the services PMI
improved from 54.0 in February to 54.2 in March.
The yen rose to a 4-day high of 159.74 against the pound, from
yesterday's closing value of 160.68. The GBP/JPY pair may find its
resistance around the 158.00 area.
Against the euro and the Swiss franc, the yen advanced to 3-day
highs of 140.89 and 141.98 from yesterday's closing quotes of
141.69 and 142.62, respectively. On the upside, 138.00 against the
euro and 140.00 against the franc are seen as the next resistance
level for the yen.
Against the U.S. and the Canadian dollars, the yen climbed to a
1-1/2-month low of 130.05 and more than a 3-month high of 94.78
from yesterday's closing quotes of 130.77 and 95.37, respectively.
If the yen extends its uptrend, it is likely to find resistance
around 128.00 against the greenback and 93.00 against the
The U.S. dollar rose to 2-day highs of 1.0817 against the euro
and 1.3736 against the Canadian dollar, from yesterday's closing
quotes of 1.0828 and 1.3715, respectively. If the greenback extends
its uptrend, it is likely to find resistance around 1.03 against
the euro and 1.39 against the loonie.
Against the pound and the Swiss franc, the greenback edged up to
1.2261 and 0.9179 from yesterday's closing quotes of 1.2286 and
0.9163, respectively. The next resistance level for the greenback
is seen around 1.18 against the pound and 0.93 against the
Looking ahead, Flash PMI reports from European union countries
and U.K. for March and U.K. retail sales data for February are due
in the European session. In the New York session, Canada retail
sales data for January , preliminary manufacturing sales data for
February, U.S. durable goods orders for February, PMI reports for
March and U.S. Baker Hughes Oil rig count data are set to be
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