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LSE: Australian Dollar Declines Ahead Of China GDP Data
 
CANBERA (Alliance News) - The Australian dollar fell against its major rivals in European deals on Tuesday, as traders await China GDP data due tomorrow, amid concerns over slowdown in the world's second largest economy.

China's GDP growth is expected to slow 7.0% in the first quarter from last year, down from the 7.4% increase in the previous quarter. That would be the slowest level of economic output since the global recession.

Alongside the GDP data, reports on factory output, retail sales and fixed asset investment are also due.

China is Australia's largest trading partner. The strong ties between the two nations could impact the Australian currency.

The Australian stock market also ended lower on concerns over slowdown in China. The benchmark S&P/ASX200 index was down 13.7 points, or 0.23%, at 5,947 points, while the broader All Ordinaries index fell 11.9 points, or 0.2%, to 5,916 points.

In economic front, data from the Australian Bureau of Statistics showed that the total value of owner occupied housing commitments in Australia increased in February.

The value of owner occupied housing commitments, excluding alterations and additions, rose a seasonally adjusted 0.5% month-on-month in February. On an unadjusted basis, it climbed 1.0%.

The currency fell sharply on Monday, after disappointing Chinese trade data. For the day, the aussie slipped 1.13% against the greenback, 0.88% against the euro, 1.01% against the loonie, 0.14% against the kiwi and 1.17% against the yen.

The aussie slipped to 90.46 versus the yen, its lowest since April 2, from an early high of 91.37. The aussie is likely to challenge support around the 87.5 zone.

The aussie reversed from early highs of 0.7623 against the greenback and 1.3873 against the euro, edging down to 0.7554 and 1.3969, respectively. If the aussie extends slide, it may find support around 0.74 against the greenback and 1.42 against the euro.

Extending early decline, the aussie hit a 1-week low of 0.9518 versus the loonie. This is lower by 0.36% from Monday's closing value of 0.9552. Continuation of the aussie's downtrend may lead it to a support around the 0.94 area.

The aussie ticked down to 1.0152 against the NZ dollar, after climbing to 1.0198 at 10:00 pm ET. Next key downside target for the aussie is seen around the 1.00 mark. At yesterday's close, the pair was valued at 1.0179.

Looking ahead, US retail sales and producer price index for March and business inventories for February are set for release in the New York session.
Source