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Antipodean Currencies Slide As Most Asian Markets Traded Lower

The Australian and the New Zealand dollars weakened against their major counterparts in the Asian session on Tuesday, as most Asian stock markets traded lower, with some of the markets paring early gains despite the record closing highs overnight on Wall Street and the surge in crude oil prices.

Investors mulled the potential impact of a Washington Post report that U.S. President Donald Trump revealed highly classified information about the Islamic State during his meeting with Russian officials last week. However, White House National Security Adviser H.R. McMaster later denied the report.

In economic news, the Australian Bureau of Statistics said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in April, coming in at 97,136. That follows the 1.9 percent spike in March.

Members of the Reserve Bank of Australia’s Monetary Policy Board said that the country’s economic recovery continues at a moderate and acceptable pace, minutes from the bank’s May 2 meeting showed on Tuesday. The economy has been helped along by the depreciating exchange rate, the members said, and they cautioned that a reversal could hamper the recovery.

Monday, the Australian and the New Zealand dollars showed mixed trading against their major rivals. While the Australian and the New Zealand dollars rose against the U.S. dollar, they fell against the yen and the euro.

In the Asian trading, the Australian dollar fell to a 1-week low of 1.4837 against the euro, a 5-day low of 1.0745 against the NZ dollar and a 4-day low of 1.0090 against the Canadian dollar, from yesterday’s closing quotes of 1.4803, 1.0774 and 1.0108, respectively. If the aussie extends its downtrend, it is likely to find support around 1.49 against the euro, 1.06 against the kiwi, and 0.99 against the loonie.

Against the U.S. dollar, the aussie dropped to 0.7405 from yesterday’s closing value of 0.7412. The aussie may test support near the 0.72 region.

The aussie…

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