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Aussie Weakens As Risk-sentiment Fades On Europe, U.S. And Middle-east Concern

Nov 15 2012

The Australian dollar edged lower on Thursday in Asia as majority of Asia-pacific equity markets are trading in negative territory on lingering eurozone debt concern and the U.S. fiscal cliff.

Traders also fled from riskier assets as middle-east tension came to the limelight again after Hamas's military commander Ahmed al-Jaabari was killed in an Israeli air strike.

Downbeat economic data from the United States overnight also weighed down sentiment, with retail sales falling 0.3 percent in October following an upwardly revised 1.3 percent increase in September. Economists had expected sales to edge down by 0.1 percent.

Anti-austerity protests broke out across Europe as labor unions organized coordinated walkouts in Greece, Spain, Portugal and Italy. Some weak economic numbers also raise concerns, like the larger than expected decline in Eurozone industrial output and the unexpected jump in British jobless claims.

New motor vehicle sales in Australia were down a seasonally adjusted 2.8 percent on month in October, the Australian Bureau of Statistics said today, standing at 95,720 following the downwardly revised 4.6 percent gain in September.

On a yearly basis, new motor vehicle sales climbed 8.6 percent, slowing from the 14.4 percent gain in the previous month.

The Australian dollar reached a 10-day low of 1.0350 against the US dollar, down 0.25 percent from Wednesday's close of 1.0378. The next likely support for the aussie-buck pair is seen around the 1.0330/35 area.

Against the euro, the Australian currency fell to an 8-day low of 1.2304 and this may be compared to Thursday's North American session closing value of 1.2278. If the aussie weakens further, likely support zone is seen at 1.2330/35.

The Australian dollar also slipped to session's lows of 83.0 against the yen and 1.2785 against the New Zealand dollar in early Asian deals on Thursday. On the downside, the aussie may find target levels at 82.85 against the yen and 1.2760 versus the kiwi.

The Australian currency fell below the key 1.04 level against the Canadian dollar after a gap of 3-days, falling to 6-day low of 1.0391. The aussie-loonie pair is presently hanging in the 1.04 area with 1.0385 seen as the next likely support level.

Looking ahead, Japan Tokyo Condominium sales and the Department store sales-both for October are due later in the session.

The preliminary third quarter GDP reports from France, Germany Italy and the eurozone, ECB monthly report for November, eurozone CPI for October and the Italian current account data for September are expected to influence the market in the European session.

The U.S. weekly jobless claims for the weekended November 10, consumer price index for October, empire manufacturing index for November, Philadelphia Federal Reserve's manufacturing index for November, weekly crude oil inventories and speeches by a number of Fed officials including the chairman Ben Bernanke are expected to garner market attention in the North American session.

Canada manufacturing sales for September, existing home sales for October and a review by the Bank of Canada are also on tap in the New York session.

The material has been provided by Instaforex Company -
TAGS: Aussie  Weakens  As  Risk-sentiment  Fades  On  Europe    U.S.  And  Middle-east  Concern   

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