NZ Dollar Falls After PBOC Slashed Its 1-year Benchmark Lending Rate
21 August 2023 - 3:56AM
RTTF2
The New Zealand dollar weakened against other major currencies
in the Asian session on Monday, after the People's Bank of China
slashed its one-year loan prime rate by 10 basis points to a record
low.
Data from the People's Bank of China showed that the one-year
benchmark lending rate was cut by 10 basis points to 3.45
percent.
Meanwhile, the five-year rate was left unchanged at 4.20
percent.
In economic news, data from Statistics New Zealand showed that
New Zealand posted a merchandise trade deficit of NZ$1.107 billion
in July. That's down from the downwardly revised NZ$111 million in
June.
Exports were worth NZ$5.45 billion, down from the downwardly
revised NZ$618 billion in the previous month.
Imports were at NZ$6.56 billion, up from the downwardly revised
NZ$6.29 billion a month earlier.
In the Asian trading today, the NZ dollar fell to more than a
3-week low of 85.79 against the yen and a 4-day low of 1.8403
against the euro, from Friday's closing quotes of 86.07 and 1.8347,
respectively. If the kiwi extends its downtrend, it is likely to
find support around 84.00 against the yen and 1.85 against the
euro.
Against the U.S. and the Australian dollars, the kiwi dropped to
4-day lows of 0.5907 and 1.0835 from last week's closing quotes of
0.5921 and 1.0810, respectively. On the downside, 0.58 against the
greenback and 1.10 against the aussie are seen as the next support
levels for the kiwi.
Looking ahead, German PPI data for July is due to be released at
2:00 am ET.
In the New York session, Canada new housing price index for July
is slated to publish.
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