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Forex - AUD/USD hits daily low as risk appetite falters

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Forex Pros - The Australian dollar slid to a daily low against its U.S. counterpart on Wednesday, as fears over contamination from Japan's nuclear crisis and growing unrest in the Middle East saw risk appetite falter.

AUD/USD hit 1.0065 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0087, shedding 0.17%.

The pair was likely to find support at 1.0036, Tuesday's low and short-term resistance at 1.0128, Tuesday's high.

Earlier in the day, the Tokyo metropolitan government advised families against allowing infants to drink tap water after higher-than-permitted levels of radioactive iodine were detected.

Meanwhile, in the Middle East political turmoil continued to escalate after Syrian troops opened fire on protesters and Yemen's president warned that the country would slip into civil war if he was forced to resign.

The Aussie was also down against the yen, with AUD/JPY shedding 0.29% to hit 81.53.

Also Wednesday, domestic markets pared back expectations for an interest rate cut by the Reserve Bank of Australia in the coming months, as concerns over the impact of Japan's triple disaster on global economic growth eased.

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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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