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Forex - AUD/USD eases off two-week low after NZ aftershocks

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Forex Pros - The Australian dollar eased off a two-week low against its U.S. counterpart on Monday, as New Zealand's dollar weakened broadly after a series of severe aftershocks hit the south island city of Christchurch.

AUD/USD clawed back up from 1.0522, the pair's lowest since May 26 to hit 1.0550 during late Asian trade, easing up 0.13%.

The pair was likely to find support at 1.0478, the low of May 24 and resistance at 1.0651, Friday's high.

Earlier in the day, the U.S. Geological Survey said a magnitude 5.2 aftershock hit at 1 p.m. local time and was followed by a 6.0 tremor at 2:20 p.m. The central business district was evacuated after the first of the tremors.

The New Zealand dollar fell sharply amid concerns over the impact of the aftershocks on New Zealand's economic recovery, four months after a devastating earthquake in the city killed 180 people.

The Australian dollar was sharply higher against its New Zealand cousin, with AUD/NZD jumping 1.17% to hit 1.2974.

Also Monday, markets in Australia remained closed for the Queen's Birthday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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