NZ Dollar Rises Amid Rising Risk Appetite
20 October 2016 - 1:11PM
RTTF2
The New Zealand dollar strengthened against the other major
currencies in the Asian session on Thursday amid rising risk
appetite, following the positive lead overnight from Wall Street
and the surge in crude oil prices. However, gains are modest as
investors preferred to stay on the sidelines after the third and
final U.S. presidential debate ended.
Wednesday, the NZ dollar showed mixed trading against its major
rivals. While the kiwi rose against the U.S. dollar, the yen and
the euro, it held steady against the Australian dollar.
In the Asian trading, the NZ dollar rose to more than a 2-week
high of 0.7266 against the U.S. dollar, a 6-week high of 1.5102
against the euro and nearly a 6-week high of 75.27 against the yen,
from yesterday's closing quotes of 0.7229, 1.5169 and 74.77,
respectively. If the kiwi extends its uptrend, it is likely to find
resistance around 0.73 against the greenback, 1.50 against the euro
and 76.00 against the yen.
Against the Australian dollar, the kiwi advanced to a 10-day
high of 1.0597 from an early 2-day low of 1.0695. The kiwi is
likely to find resistance around the 1.04 area. Data from the
Australian Bureau of Statistics showed that the unemployment rate
in Australia was a seasonally adjusted 5.6 percent in September.
That was beneath forecasts for 5.7 percent, which would have been
unchanged from the previous month following a revision from 5.6
percent.
The Australian economy lost 9,800 jobs last month, well shy of
expectations for an increase of 15,000, following the loss of 8,600
jobs in August.
Looking ahead, Eurozone current account data for August and U.K.
retail sales data for September are slated for release later in the
day.
The European Central bank will announce its interest rate
decision at 7:45 am ET. The bank is forecast to keep its refi rate
at zero percent and the deposit rate at -0.4 percent.
Following the announcement, European Central Bank President
Mario Draghi will hold the customary post-meeting press
conference.
In the New York session, U.S. weekly jobless claims for the week
ended October 15, U.S. existing home sales data and leading
indicators for September and U.S. Philly Fed manufacturing index
for October are set to be published.
At 8:00 am ET, Bank of England Deputy Governor Nemat Shafik is
expected to participate in a panel discussion about reform in the
financial services industry at the Federal Bank of New York's
conference.
At 8:30 am ET, Federal Reserve Bank of New York President
William Dudley is scheduled to give welcome remarks at a conference
entitled "Reforming Culture and Behavior in the Financial Services
Industry: Expanding the Dialogue", in New York.
European Union leaders summit is due to be held in Brussels,
later in the day.
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