NZ Dollar Falls Amid Risk Aversion
13 Ottobre 2023 - 5:47AM
RTTF2
The New Zealand dollar weakened against other major currencies
in the Asian session on Friday amid risk aversion, as traders look
to book some profits to take advantage of the recent strength in
the markets. Traders also reacted to data showing a slightly bigger
than expected increase in U.S. consumer prices that raised concerns
about interest rates.
Crude oil prices drifted lower, after data showed a sharp jump
in U.S. crude inventories in the week ended October 6th. West Texas
Intermediate Crude oil futures for November ended lower by $0.58 or
about 0.7 percent at $82.91 a barrel.
In economic news, data from the National Bureau of Statistics
showed that China consumer price inflation remained flat in
September and producer prices continued to decline. The consumer
price index remained unchanged on a yearly basis after a 0.1
percent gain in August. Prices were forecast to climb 0.2
percent.
Producer prices posted an annual fall of 2.5 percent in
September but slower than the 3.0 percent decrease in August.
Economists had forecast prices to decline 2.4 percent.
Data from the General Administration of Customs showed that
China's exports declined less than expected in September. Exports
registered a decrease of 6.2 percent in September compared to the
previous year. This was slower than the expected decline of 7.6
percent and the 8.8 percent fall seen in August.
At the same time, imports also decreased 6.2 percent annually,
slower than the 7.3 percent fall in August. Imports were forecast
to drop 6.0 percent.
In the Asian trading now, the New Zealand dollar fell to a 8-day
low of 0.5916 against the U.S. dollar and a 1-week low of 88.59
against the yen, from recent highs of 0.5929 and 88.71,
respectively. If the kiwi extends its downtrend, it is likely to
find support around 0.58 against the greenback and 87.00 against
the yen.
Against the euro and the Australian dollar, the kiwi dropped to
a 9-day low of 1.7826 and a 1-week low of 1.0694 from yesterday's
closing quotes of 1.7796 and 1.0669, respectively. The kiwi may
test support near 1.80 against the euro and 1.07 against the
aussie.
Looking ahead, Eurozone industrial production for August is
slated for release at 5:00 am ET in the European session.
In the New York session, U.S. export and import prices for
September, U.S. University of Michigan's consumer sentiment index
for October and U.S. Baker Hughes oil rig count data are set to be
published.
At 9:00 am ET, Federal Reserve Bank of Philadelphia President
Patrick Harker will deliver a speech virtually on the economic
outlook before the Delaware State Chamber of Commerce 2023 Economic
Outlook event, in Philadelphia, in U.S.
At 2:00 pm ET, U.S. budget statement for September is slated for
publish.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Lug 2023 a Lug 2024