NZ Dollar Falls Amid Risk Aversion Ahead Of U.S. Jobs Data
04 May 2018 - 12:55PM
RTTF2
The New Zealand dollar drifted lower against its major
counterparts in the Asian session on Friday, as investors look
forward to the release of U.S. jobs report due later in the day for
directional cues.
The U.S. economy is expected to have added 192,000 jobs last
month, after rising by 103,000 jobs in March. The unemployment rate
is expected to dip to 4.0 percent from 4.1 percent.
Investors keenly watch developments from China-U.S. trade talks
in Beijing. The talks, led by Mnuchin and Chinese Vice Premier Liu
He, are aimed to reach a breakthrough on the tariff standoff
between the world's two biggest economies.
The kiwi showed mixed trading against its major counterparts on
Thursday. While it held steady against the yen and the aussie, it
rose against the greenback and the euro. The kiwi declined to
1.0756 against the aussie, its lowest since March 22. The kiwi is
poised to challenge support around the 1.09 mark.
The kiwi dropped to 0.7022 against the greenback and 1.7069
against the euro, from its early 4-day high of 0.7053 and a 2-week
high of 1.7002, respectively. The next possible support for the
kiwi is seen around 0.69 against the greenback and 1.72 against the
euro.
Reversing from an early high of 76.96 against the yen, the kiwi
edged down to 76.59. Next key support for the kiwi is likely seen
around the 75.00 level.
Looking ahead, PMI reports from major European economies and
Eurozone retail sales for March are due in the European
session.
In the New York session, U.S. jobs data and Canada Ivey PMI for
April are scheduled for release.
At 12:00 pm ET, New York Fed President William Dudley will
discuss financial turmoil and the challenges ahead in an interview
conducted by Matthew Winkler with Bloomberg News.
San Francisco Fed President John Williams will give remarks at
the Hoover Institute's Monetary Policy Conference, hosted by
Stanford University at 3:00 pm ET.
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