logo |

News

    Home   >     Industry    >     Main body

    AUD, APAC Stocks May Extend Losses on Growing Covid-19 Cases

    Abstract:AUD and Asia-Pacific stock markets may extend their losses versus the haven-linked US Dollar as growing Covid-19 cases continues to spoil risk appetite.

      Australian Dollar, Coronavirus, Asia-Pacific Stock Markets – TALKING POINTS

    •   Australian Dollar could fall with Asia-pacific stock markets as virus cases grow

    •   Credit spreads on corporate debt could rise and further magnify risk aversion

    •   AUD/USD ripe for downside breakout after failing to clear key resistance point

      Wall Street ended on a downbeat note on Fridays close with the Dow Jones, S&P 500 and Nasdaq indices closing 2.84, 2.42 and 2.59 percent lower, respectively. Hard and soft commodities along with cycle-sensitive currencies like the Australian and New Zealand Dollars suffered while the anti-risk Japanese Yen and US Dollar rose on market-wide risk aversion.

      Treasuries across a range of maturities also gained along with spreads of credit default swaps (CDS) on investment-grade corporate debt. The source of risk aversion came from concern of the rising number of Covid-19 cases and what that could mean for future growth prospects that are already foreboding. Growing EU-US geopolitical tensions did not help lighten the mood.

      Mondays Asia-Pacific Trading Session

      The cycle-sensitive Australian and New Zealand Dollars may suffer with US equity futures and Asia-Pacific stock markets as part of a broader risk-off tilt echoing from last week‘s close. A relatively sparse data docket leaves traders more focused macro-fundamental themes like Covid-19 and the alarming medical metrics pertaining to the virus’ spread. Regional credit markets may be rattled and may amplify JPY and USDs gains.

      AUD/USD Technical Analysis

      Ater failing to clear 0.7019 and 0.6911, bearish momentum in AUD/USD may be gaining traction after stalling at those levels signalled a lack of confidence in the pairs upside potential – at least in the short term. As noted in prior pieces, AUD/USD may challenge a familiar inflection point at 0.6642, which if cleared could give way to further losses if it inspires additional sellers to enter the market.

    Latest News

    Australia Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    Australia Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.

    ×

    Select Country/Area

    ×

    Select Country/Area