NZ Dollar Climbs Amid Rising Risk Appetite On Trade Deal Hopes
15 April 2019 - 11:40AM
RTTF2
The New Zealand dollar strengthened against its major
counterparts in the Asian session on Monday amid rising risk
appetite, as investors welcomed progress in trade talks between
U.S. and China, after U.S. Treasury Secretary Steven Mnuchin said
that trade deal would go "way beyond" previous efforts to open
China's markets to U.S. companies.
Speaking on the sidelines of the spring meetings of the World
Bank and International Monetary Fund this weekend, Mnuchin said
that U.S-China trade talks are "close to the final round of
concluding issues".
Mnuchin said that the two sides have consented that "the
enforcement mechanism works in both directions."
Data from BusinessNZ showed that New Zealand services sector
continued to expand in March, albeit at a slower rate, with a
Performance of Services Index score of 52.9.
That's down from 53.6 in February, and it marks the lowest index
score since 2012.
The kiwi advanced to an 11-day high of 0.6783 against the
greenback, from a low of 0.6760 seen at 5:00 pm ET. The next
possible resistance for the kiwi is seen around the 0.69 level.
The kiwi that closed last week's trading at 75.72 against the
yen firmed to a 2-week high of 75.96. The kiwi is poised to find
resistance around the 77.00 level.
The kiwi appreciated to a 4-day high of 1.6677 against the euro,
compared to 1.6700 hit late New York Friday. If the kiwi rises
further, 1.64 is possibly seen as its next resistance level.
The NZ currency edged up to 1.0582 against the aussie, following
a low of 1.0614 touched at 5:00 pm ET. The kiwi is seen finding
resistance around the 1.04 level.
Looking ahead, Swiss producer and import prices for March are
due at 2:30 am ET.
Federal Reserve Bank of Chicago President Charles Evans will
deliver a speech in a television appearance on CNBC's Squawk Box at
8:30 am ET.
In the New York session, New York Fed's empire manufacturing
survey for April and Canada existing home sales for March are
slated for release.
At 1:00 pm ET, Evans will speak about the economy and monetary
policy at the New York Association for Business Economics
luncheon.
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