Commodity currencies such as the Australia, the New Zealand and
the Canadian dollars weakened against their major rivals in the
Asian session on Wednesday, as the investor sentiment dropped after
the release of weak economic data from china and amid worries of
the U.S. debt ceiling possibly facing opposition from some
Republicans who were seeking bigger spending cuts, potentially
prolonging the process of passing the bill.
Weakness in energy and mining stocks amid tumbling commodity
prices also weighed on the sentiment.
Data from National Bureau of Statistics showed that the
manufacturing sector in China continued to contract in May, and at
a faster rate. That missed expectations for a score of 51.4 and was
down from 49.2 in April.
The bureau also said the non-manufacturing index came in with a
score of 54.5, again missing forecasts for 54.9 and down from 56.4
in the previous month. The composite index had a score of 52.9,
down from 54.4 a month earlier.
In the U.S. debt ceiling deal, the agreement in principle will
raise the debt ceiling for two years and keep non-defense spending
roughly flat for fiscal 2024 and increase it by 1 percent in fiscal
year. The deal will be sent to the full House for a vote, likely to
take place later in the day.
In economic news, data from the Reserve Bank of Australia showed
that the private sector credit in Australia was up 0.6 percent on
month in April, accelerating from 0.2 percent in March. On a yearly
basis, credit climbed 6.6 percent.
Data from the Australian Bureau of Statistics showed that the
total value of construction work done in Australia was up a
seasonally adjusted 1.8 percent on quarter in the first quarter of
2023, coming in at A$57.686 billion. That beat forecasts for an
increase of 1.5 percent following the 0.3 percent contraction in
the three months prior.
On a yearly basis, construction work done improved 5.1
Data from ANZ showed that New Zealand's business confidence
index rose to -31.1 points in May from -43.8 points in April.
Economists had expected a rise to -43.4 in May.
In the Asian trading today, the Australian dollar fell to nearly
a 7-month low of 0.6489 against the U.S. dollar, a 2-week low of
90.74 against the yen and a 5-day low of 1.6508 against the euro
from yesterday's closing quotes of 0.6517, 91.10 and 1.6464,
respectively. If the aussie extends its downtrend, it is likely to
find support around 0.64 against the greenback, 88.00 against the
yen and 1.67 against the euro.
Against the Canadian dollar, the aussie edged down to 0.8849
from yesterday's closing value of 0.8859. The aussie may test
support near the 0.87 area.
The NZ dollar fell to nearly a 7-month low of 0.5999 against the
U.S. dollar, nearly a 3-week low of 83.86 against the yen and
nearly a 4-week low of 1.7832 against the euro, from yesterday's
closing quotes of 0.6034, 84.49 and 1.7754, respectively. If the
kiwi extends its downtrend, it is likely to find support around
0.58 against the greenback, 81.00 against the yen and 1.81 against
Against the Australian dollar, the kiwi edged down to 1.0824
from yesterday's closing value of 1.0780. On the downside, 1.09 is
seen as the next support level for the kiwi.
The Canadian dollar fell to 5-day lows of 1.3641 against the
U.S. dollar and 102.47 against the yen, from yesterday's closing
quotes of 1.3601 and 102.76, respectively. If the loonie extends
its downtrend, it is likely to find support around 1.38 against the
greenback and 100.00 against the yen.
Against the euro, the loonie edged down to 1.4612 from
yesterday's closing value of 1.4599. The next possible downside
target for the loonie is seen around the 1.48 area.
Looking ahead, German import prices for April is due at 2:00 am
ET. Half-an-hour later, Switzerland retail prices for April is
slated for release.
In the European session, Germany's unemployment rate for May and
Switzerland economic sentiment for May are set to be released.
In the New York session, U.S. MBA weekly mortgage data,
Germany's preliminary inflation rate for May, Canada GDP rate for
the first quarter, U.S. Chicago PMI for May, U.S. Dallas Fed
services index for May and U.S. Federal Reserve Beige book report
At 8:30 am ET, Christine Lagarde President of the European
Central Bank will participate in Q&A session with high-school
students at the final award ceremony of the Generation €uro
Students' Award competition 2023, in Frankfurt, Germany.
Twenty-minutes later, Federal Reserve Bank of Boston President
Susan Collins and Federal Reserve Board Governor Michelle Bowman
will give opening remarks before hybrid "Fed Listens" event to
discuss challenges and opportunities following the disruptions of
the COVID-19 pandemic, in Boston, U.S.
At 12:30 pm ET, Federal Reserve Bank of Philadelphia President
Patrick Harker will participate in fireside chat on the global
macroeconomy and monetary conditions before the Official Monetary
and Financial Institutions Forum, in Philadelphia, U.S.
One-hour later, Federal Reserve Board Governor Philip Jefferson
will deliver a speech virtually on "Financial Stability and the
U.S. Economy" to the 22nd Annual International Conference on Policy
Challenges for the Financial Sector, in Washington D. C., U.S.
CAD vs Yen (FX:CADJPY)
から 8 2023 まで 9 2023
CAD vs Yen (FX:CADJPY)
から 9 2022 まで 9 2023