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Aussie Slumps To Multi-day Lows Against Euro, Greenback And Yen 82 days ago
(RTTNews) - The Australian dollar lost ground against its major rivals in early Asian trading on Thursday as a slide in few Asian stocks prompted traders to flee from riskier assets. The aussie slumped to multi-day lows against the currencies of US, Japan and Europe.
But the aussie advanced to a 2-day high against the NZ dollar due to across the board weakening of the latter.
The average weekly wage in Australia was up 5.2 percent on year in August, the Australian Bureau of Statistics said today, following the 6.1 percent annual expansion in July. However, the weekly wages were up 0.9 percent in the three months to August compared to the previous three months. In the three months to July, wages had risen 1.2 percent.
Also, the Reserve Bank of Australia said that foreign exchange transactions totaled A$307 million in October - down from A$830 million in the previous month.
On the equity front, the Australian stock market pared its gains after opening higher and trading firm today with investors going in for some profit taking. The benchmark S&P/ASX 200 index, which advanced to 4,761.3 in early trades, is currently up 2 points at 4,741. The broader All Ordinaries index is down 1.6 points at 4,758, well off the day's high of 4,780.1.
Among other markets in the Asia-Pacific region, New Zealand, Singapore, South Korea and Taiwan are trading higher, while Japan is trading notably lower.
The Australian dollar plunged to a 13-day low of 82.47 against the Japanese yen by 9:30 pm ET and the next downside target for the pair is seen around the 81.7 level. The pair that closed Wednesday's New York deals at 83.05 is presently quoted at 82.57.
The Bank of Japan will kick off its two-day monetary policy meeting and then announce its decision on interest rates at its conclusion. The BoJ is widely tipped to keep rates on hold at the record low of 0.10 percent.
Also, the revised all-industry activity index is due for September, with analysts forecasting a decline of 0.1 percent on month following the 0.9 percent increase in the preliminary release. Also due are October figures for nationwide and Tokyo department store sales, as well as the weekly capital inflow data for stocks and bonds from the Ministry of Finance.
The aussie slumped to an 8-day low of 1.6145 against the euro before moving sideways around 7:25 pm ET and this may be compared to 1.6103 hit late New York Wednesday. If the Australian currency weakens further, support is likely to be seen around the 1.616 level. Currently, the euro-aussie pair is trading at 1.6137.
The upcoming European deals could be impacted by the Italian trade balance report for September, which will be released at 4:00 am ET. Italy posted a trade deficit of EUR 378.0 million in the previous month.
The aussie reached a 2-day low of 0.9245 against the US dollar around 9:30 pm ET, compared to Wednesday's New York session closing value of 0.9297. The aussie-buck pair is presently worth 0.9256 with 0.921 seen as the next target level.
Traders reacted negatively as US Labor Department's consumer price index failed to turn positive even though it rose to -0.2% year-on-year in October. Core CPI, on the other hand, rose more than expected to 1.7% annually.
Yesterday's housing data from the US was also disappointing. Housing starts unexpectedly dropped to 529,000 on year in October, the lowest level since April. Building permits also dropped to 552,000 on year. The data was way below expectations of 598,000 and 580,000 respectively.
In the North American session today, the US weekly jobless claims, Philadelphia Fed's Manufacturing survey results for November and leading indicators data for October are slated for release.
The Australian dollar, however, advanced to a 2-day high of 1.2535 against the NZ dollar by 9:30 pm ET and the next likely target level for the pair is seen at 1.257. The aussie-kiwi pair, which closed Wednesday's New York deals at 1.2469, is presently quoted at 1.253.
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