NZ Dollar Rises As Asian Markets Rally Amid U.S. Inflation Data
15 November 2023 - 1:16AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Wednesday amid risk appetite, as
new data showed U.S. inflation is on a firm downward trajectory,
boosting bets the Federal Reserve will forgo any more interest rate
hikes and indeed start cutting rates in coming months.
Data from the Labor Department showed on Tuesday that inflation
slowed to 3.2 percent in October from 3.7 percent in September.
Economists had expected the pace of growth to decelerate to 3.3
percent.
On a monthly basis, the CPI was flat in October after climbing
by 0.4 percent in September. Economists had expected consumer
prices to inch up by 0.1 percent.
Also, the sharp decline in the U.S. dollar boosted commodity
prices.
The NZ dollar started rising against the U.S. dollar, the yen
and the euro from Monday. Against the Australian dollar, the kiwi
started to gain from yesterday.
In the Asian trading now, the NZ dollar rose to an 8-1/2-year
high of 90.72 against the yen and nearly a 5-week high of 0.6023
against the U.S. dollar, from yesterday's closing quotes of 90.35
and 0.6004, respectively. If the kiwi extends its uptrend, it is
likely to find resistance around 92.00 against the yen and 0.61
against the greenback.
Against the euro and the Australian dollar, the kiwi advanced to
a 6-day high of 1.8064 and a 2-day high of 1.0798 from yesterday's
closing quotes of 1.8117 and 1.0823, respectively. The kiwi may
test resistance near 1.78 against the euro and 1.06 against the
aussie.
Looking ahead, German wholesale prices for October and U.K.
inflation data for October are due to be released in the
pre-European session.
In the European session, Eurozone trade balance report and
industrial production, both for September are slated for
release.
At 3:00 am ET, Governing Council of the ECB holds non-monetary
policy meeting in Frankfurt, Germany.
In the New York session, U.S. MBA mortgage approvals data,
Canada manufacturing and wholesale sales data for September, U.S.
PPI and retail sales, both for October, U.S. New York Empire State
manufacturing index for November, U.S. business and retail
inventories data for September and U.S. EIA weekly crude oil
inventories data are set to be published.
Euro vs NZD (FX:EURNZD)
Forex Chart
Von Jun 2024 bis Jul 2024
Euro vs NZD (FX:EURNZD)
Forex Chart
Von Jul 2023 bis Jul 2024