Australia, NZ dollars slide on negative outlook for bank ratings

The Australian and New Zealand dollars were knocked lower on Friday after ratings agency Moody's cut the outlook on Australian banks to negative, providing investors an impetus to sell both currencies.

The Australian dollar dropped 0.7 per cent to US$0.7632, pulling away from a recent three-week peak of US$0.7760. Support was found at US$0.7608.

Traders said the Antipodeans were ripe for a correction and sellers surfaced on news that Moody's was considering cutting the ratings of Australia's major banks due to sluggish profit growth .

Also undermining the currency was euro buying after stops were tripped above A$1.4800. The euro sped up to A$1.4827 , having bounced four US cents since a low touched last week.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg