NZ Dollar Rises On Rising Risk Appetite
07 Diciembre 2016 - 7:18PM
RTTF2
The New Zealand dollar strengthened against the other major
currencies in the Asian session on Thursday amid rising risk
appetite, following the record gains overnight on Wall Street and
on expectations that the European Central Bank will extend its
asset purchase program at its monetary policy meeting later in the
day.
The ECB is widely expected to leave interest rates unchanged for
a sixth straight session and also extend its asset purchase program
beyond March of 2017 on the recent political turmoil in Europe
following the referendum in Italy.
Meanwhile, the sentiment boosted earlier in the day after
Reserve Bank Governor Graeme Wheeler said he sees "continued strong
growth" in the economy in the next 18 months.
While speaking at a business conference in Greymouth, Wheeler
said, "The low point for CPI inflation has probably passed and,
supported by the improvement in global commodity prices in recent
months, we expect the December quarter 2016 CPI data to confirm
that annual CPI inflation is moving back within the 1 to 3 percent
target band,".
Wednesday, the NZ dollar rose 0.11 percent against the U.S.
dollar, 0.07 percent against the yen, and 0.31 percent against the
euro. Meanwhile, the kiwi fell against the aussie.
In the Asian trading, the NZ dollar rose to a 3-day high of
1.4910 against the euro and nearly a 1-year high of 82.01 against
the yen, from yesterday's closing quotes of 1.5001 and 81.49,
respectively. If the kiwi extends its uptrend, it is likely to find
resistance around 1.47 against the euro, and 83.00 against the
yen.
Against the U.S. and the Australian dollars, the kiwi advanced
to nearly a 4-week high of 0.7219 and nearly a 1-month high of
1.0381 from yesterday's closing quotes of 0.7164 and 1.0439,
respectively. The kiwi may test resistance near 0.74 against the
greenback and 1.02 against the aussie.
Looking ahead, the European Central bank will announce its
interest rate decision at 7:45 am ET. The economists expect the
central bank's deposit rate and refinancing rate to be unchanged at
-0.4 percent and 0 percent, respectively.
Following the announcement, European Central Bank President
Mario Draghi will hold the customary post-meeting press
conference.
In the New York session, Canada housing starts for November,
building permits and house price index, for October and U.S. weekly
jobless claims for the week ended December 3, are due to be
released.
Later in the day, Bank of Canada Governor Stephen Poloz, Canada
Minister of Finance Bill Morneau and Minister of Status of Women
Patty Hajdu are scheduled to attend an event in Gatineau, Quebec,
Canada.
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