Aussie Falls To 6-day Low Against New Zealand Dollar
During early Asian deals on Tuesday, the Aussie edged down to a 6-day low against the New Zealand dollar as a report from the National Australia Bank showed that business confidence in Australia dropped for the third straight month in July.
The Aussie also fell against other major currencies amid the dismal business confidence report.
NAB said its monthly index of business confidence dropped 1 point to 4.0, marking the third straight monthly fall and sending the index to its lowest level since July 2009.
The business conditions index posted a reading of 8.0 for June.
The Australian dollar that rose to near a 2-week high of 1.4351 against the euro at 5:20 pm ET Monday lost ground thereafter. As of now, the aussie is worth 1.4420 per euro with 1.446 seen as the next downside target level. The euro-aussie pair closed Monday’s New York session at 1.4384.
The Australian dollar that strengthened against the currencies of US and Japan in early Asian deals on Tuesday pared its gains after 8:20 pm ET. The aussie is currently worth 0.8745 against the greenback and 77.57 against the yen, down from 0.8782 and 78.05, respectively. If the aussie weakens further, it may likely target 0.870 against the greenback and 77.2 against the yen. The aussie-greenback pair closed yesterday’s trading at 0.8759 and the aussie-yen pair at 77.63.
The Australian dollar weakened against the Canadian dollar after reaching a 4-day high of 0.9100 at 5:20 pm ET Monday. Presently, the aussie-loonie pair is worth 0.9056 and the next downside target level is seen at 0.899. At yesterday’s close, the pair was quoted at 0.9084.
During early Asian deals on Tuesday, the Australian dollar declined against the New Zealand dollar. The aussie-kiwi pair that closed yesterday’s trading at 1.2319 is currently trading at a 6-day low of 1.2272. On the downside, 1.222 is seen as the next target level for the aussie.
Looking ahead, Japan’s final industrial production report for May and the consumer confidence index for June are expected in the upcoming hours.
The German wholesale price index and the French CPI – both for June, German and the Euro-zone ZEW economic sentiment index for July are slated for release in the European session.
The U.S. and the Canadian trade balance reports for May are expected at 8:30 am ET.
The U.S. monthly budget statement for June is due at 2:00 pm ET.
