NZ Dollar Rises As Global Dairy Prices Lifts
20 September 2023 - 4:36AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Wednesday after the global milk
price rose in this month's second Global Dairy Trade (GDT) auction
held overnight.
The overall Global Dairy Trade price index rose to 4.6 percent,
with an average price of US$2,957 per metric ton. In the previous
auction held on September 5, the index had risen 2.7 percent.
A sum of 37,366 metric tons of dairy products were sold in the
auction held overnight.
New Zealand's dairy giant Fonterra Co-operative Group Ltd
conducts the GDT auction, as the dairy sector generates the major
share for the nation's GDP.
In economic news, data from Statistics New Zealand showed that
New Zealand posted a current account deficit of NZ$4.21 billion in
the second quarter of 2023. That beat forecasts for a shortfall of
NZ$4.80 billion following the NZ$5.22 billion deficit in the
previous three months.
On a yearly basis, the current account deficit was NZ$29.76
billion. That follows the NZ$33.03 billion deficit in the first
quarter.
In the Asian trading today, the NZ dollar rose to more than a
2-week high of 0.5954 against the U.S. dollar and nearly a 2-month
high of 87.98 against the yen, from yesterday's closing quotes of
0.5934 and 87.74, respectively. If the kiwi extends its uptrend, it
is likely to find resistance around 0.61 against the greenback and
89.00 against the yen.
Against the euro and the Australian dollar, the kiwi advanced to
a 5-day high of 1.7946 and a 6-day high of 1.0855 from Tuesday's
closing quotes of 1.7981 and 1.0869, respectively. The kiwi may
test resistance around 1.77 against the euro and 1.07 against the
aussie.
Looking ahead, the State Secretariat for Economic Affairs is
slated to release Swiss quarterly economic forecast at 3:00 am ET
in the European session.
Also, European Central Bank executive board member Fabio Panetta
is set to speak at a joint workshop of European Independent Fiscal
Institutions and the ESCB in Frankfurt.
Half-an-hour later, Andrea Enria, chair of the Supervisory Board
of the ECB will deliver opening remarks at the ECB Supervision
Innovators Conference in Frankfurt.
At 5:00 am ET, ECB's Isabel Schnabel will speak on current
aspects of monetary policy at an event in Frankfurt.
In the New York session, U.S. MBA mortgage approvals data and
U.S. EIA crude oil data are slated for release.
At 8:00 am ET, ECB Board Member Elizabeth McCaul will deliver a
speech on "Technology, data and innovation - Shaping the future of
supervision" at ECB Supervision Innovators Conference "Technology
and banking supervision connected" in Frankfurt, Germany.
Half-an-hour later, ECB Board Member Frank Elderson Elderson
will speak at Springtij Forum 2023 in Terschelling,
Netherlands.
At 2:00 pm ET, the U.S. Federal Reserve's announce its monetary
policy. The Fed is set to leave its key interest rate unchanged at
5.5 percent.
Half-an-hour later, Federal Reserve Chair Jerome Powell will
deliver a speech after the Fed's latest policy-setting meeting.
Euro vs NZD (FX:EURNZD)
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