NZ Dollar Retreats As Asian Stock Markets Traded Lower
19 Septiembre 2017 - 9:56PM
RTTF2
The New Zealand dollar retreated from early highs against other
major currencies in the Asian session on Wednesday, as Asian stock
markets traded lower. This was due to investors stance on adopting
a cautious stance ahead of the U.S. Federal Reserve's monetary
policy decision due later in the day.
While the Fed is widely expected to leave interest rates
unchanged, traders are likely to pay close attention to the
accompanying statement for clues about the outlook for policy,
including details of how the central bank plans to start shrinking
its $4.5 trillion balance sheet.
Traders also await the latest New Zealand political opinion poll
ahead of Saturday's general election and the Bank of Japan's
two-day meeting that begin today.
In other economic news, data from Statistics New Zealand showed
that New Zealand posted a seasonally adjusted current account
deficit of NZ$1.598 billion in the second quarter of 2017. That
follows the NZ$2.2.85 billion shortfall in the three months
prior.
On a yearly basis, New Zealand's current account deficit was
NZ$7.5 billion.
In the Asian trading, the NZ dollar fell to 81.40 against the
yen and 1.0978 against the Australian dollar, from an early more
than a 6-week high of 81.86 and a 4-week high of 1.0921,
respectively. If the kiwi extends its downtrend, it is likely to
find support around 79.00 against the yen and 1.11 against the
aussie.
Against the U.S. dollar and the euro, the kiwi dropped to 0.7303
and 1.6439 from an early 2-day highs of 0.7342 and 1.6349,
respectively. The kiwi may test support near 0.72 against the
greenback and 1.66 against the euro.
Looking ahead, U.K. retail sales data for August is due to be
released at 4:30 am ET.
In the New York session, U.S. existing home sales data for
August and crude oil inventories data are slated for release.
At 2:00 pm ET, the Federal Reserve will announce its decision on
monetary policy. The Fed is expected to hold rates at 1.25
percent.
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