Australian Dollar Weakens Amid Rating Downgrade, Coronavirus Fears
The Australian dollar declined against its major counterparts on
Wednesday, as S&P slashed Australia's rating outlook To
negative and on renewed worries about the rising death toll across
the globe due to the coronavirus pandemic.
The rating agency revised the outlook on Australia's rating to
negative from stable as coronavirus, or COVID-19, outbreak weakened
its fiscal outlook.
The negative outlook reflected a substantial deterioration of
Australia's fiscal headroom at the 'AAA' rating level, it said.
The number of confirmed coronavirus cases exceeded 1.4 million
worldwide, while the death toll surged above 82,000, according to a
data compiled by Johns Hopkins University.
New York state registered 731 new coronavirus deaths on Tuesday,
its biggest one-day jump since the outbreak.
The aussie fell to 0.6116 against the greenback, from a high of
0.6177 seen at 7:30 pm ET. Immediate support for the currency is
likely seen around the 0.60 level.
Pulling away from an early high of 67.17 against the yen, the
aussie dropped to 66.48. Should the currency falls further, it is
likely to test support around the 65.00 level.
The aussie slipped to 0.8594 against the loonie and 1.0286
against the kiwi, off its early highs of 0.8647 and 1.0334,
respectively. Next key support for the currency is likely seen
around 0.84 against the loonie and 1.01 against the kiwi.
The aussie hit a 2-day low of 1.7758 against the euro, from an
early high of 1.7627. Further fall in the currency may challenge
support around the 1.80 level.
Looking ahead, at 8:15 am ET, Canada housing starts for March
are due.
At 8:30 am ET, Canada building permits for February will be
released.
The Fed minutes from the March meeting are set for release in
the New York session.
Euro vs AUD (FX:EURAUD)
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Euro vs AUD (FX:EURAUD)
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