NZ Dollar Falls After RBNZ Deputy Governor Hints At Rate Cut
21 Febrero 2019 - 8:38PM
RTTF2
The New Zealand dollar slipped against its major counterparts in
the Asian session on Friday, after the Reserve Bank of New
Zealand's Deputy Governor Geoff Bascand suggested that a rise in
bank capital requirement could pave way to an interest rate
cut.
Bascand told that proposals to increase bank capital
requirements may lead to tighter credit conditions.
That, in turn, could lead to higher borrowing costs and push
inflation down.
"When we set the OCR, we set it with for a 18 month to 2 year
look ahead. So let's say we are making a decision in the third
quarter of this year...we just have to feed that into our regular
monetary policy decision making," Bascand told.
"If we were worried, and thinking we were undershooting
inflation, undershooting maximum sustainable employment, then we
would obviously look for an OCR change...that is the implication,"
he added.
Asian stock markets are mostly lower following the negative cues
from Wall Street as weak economic data from the U.S. and Europe
reinforced worries about the global economy and offset optimism
about U.S.-China trade talks.
The kiwi dropped to a 9-day low of 1.0490 against the aussie,
from a high of 1.0407 hit at 5:30 pm ET. The kiwi is seen finding
support around the 1.06 level.
The kiwi slipped to a 9-day low of 0.6758 against the greenback,
compared to Thursday's closing value of 0.6801. The next likely
support for the kiwi is seen around the 0.66 area.
The NZ currency that closed Thursday's trading at 75.28 against
the yen weakened to a 9-day low of 74.84. If the kiwi continues its
fall, 73.00 is possibly seen as its next support level.
Data from the Ministry of Internal Affairs and Communications
showed that Japan consumer prices rose 0.2 percent on year in
January.
That was in line with expectations and down from 0.3 percent in
December.
The kiwi dipped to a 9-day low of 1.6767 against the euro,
reversing from a high of 1.6633 touched at 7:15 pm ET. On the
downside, 1.70 is possibly seen as the next support level for the
kiwi.
Looking ahead, German Ifo business sentiment index for February
and Eurozone final consumer inflation for January are due in the
European session.
Canada retail sales for December are scheduled at 8:30 am
ET.
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