NZ Dollar Weakens On Trade Woes
2019年8月2日 - 12:04PM
RTTF2
The NZ dollar fell against its major counterparts in the Asian
session on Friday, as Asian stock markets declined following the
overnight losses on Wall Street amid an escalation in the trade
dispute between the U.S. and China after President Donald Trump
announced plans to impose a 10 percent tariff on the remaining $300
billion worth of Chinese imports.
Investors worried about the impact of the U.S.-China trade war
on global growth and company profits.
News that the Japanese government has approved removing South
Korea from the so-called "white list" of countries entitled to
receive preferential treatment in trade also dampened investor
sentiment.
Survey data from ANZ showed that New Zealand's consumer
confidence deteriorated in July.
The consumer confidence index fell to 116.4 in July from 122.6
in June.
The kiwi declined to 0.6537 against the greenback, from a high
of 0.6561 hit at 8:45 pm ET. If the kiwi slides further, it may
find support around the 0.64 level.
The kiwi fell to 69.94 against the yen, its lowest since
December 2018. On the downside, 67.00 is possibly seen as the next
support level for the kiwi.
The minutes from the Bank of Japan's monetary policy held on
June 19 and 20 showed that policymakers discussed further easing as
most members shared the view that it was appropriate to
persistently continue with the powerful monetary easing.
"The key to overcoming deflation was for the Bank to maintain
its stance of taking some kind of policy response if any changes
emerged in the baseline scenario of the outlook for prices," the
minutes said.
The NZ dollar slipped to more than a 3-week low of 1.6958
against the euro, after rising to 1.6882 at 5:00 pm ET. The kiwi is
seen finding support around the 1.745 level.
The kiwi weakened to 1.0420 against the aussie, from a 4-month
high of 1.0360 it touched at 5:45 pm ET. The next possible support
for the kiwi is seen around the 1.06 level.
Data from the Australian Bureau of Statistics showed that
Australia's retail sales grew at the fastest pace in four months in
June.
Retail sales advanced 0.4 percent month-on-month in June,
following a 0.1 percent rise in May. This was the fastest growth
since February and better than the expected increase of 0.3
percent.
Looking ahead, Eurozone PPI and retail sales for June are due in
the European session.
The U.S. and Canadian trade data for June, U.S. jobs data for
July, durable goods orders for June and University of Michigan's
final consumer sentiment index for July are scheduled for release
in the New York session.
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