Kiwi Falls As NZ Inflation Expectations Drop Trims Bets On Rate Hike
13 Februar 2024 - 2:59AM
RTTF2
The New Zealand dollar weakened against other major currencies
in the Asian session on Tuesday, as the nation's easing inflation
expectations data in the first quarter trimmed bets among traders
for a further Reserve Bank of New Zealand's rate hike.
Data from the RBNZ showed that the New Zealand's one-year ahead
inflation expectations dropped to 3.22 percent in the first quarter
from 3.60 percent in the previous quarter.
Two-years ahead expectations showed a fall to 2.50 percent, from
2.76 percent in the prior quarter.
Investors also remain cautious ahead of the release of U.S.
consumer price inflation data for January, which could have a
significant impact on the outlook for interest rates.
In the Asian trading today, the NZ dollar fell to a 6-day low of
1.0694 against the Australian dollar and a 4-day low of 0.6096
against the U.S. dollar, from yesterday's closing quotes of 1.0644
and 0.6131, respectively. If the kiwi extends its downtrend, it is
likely to find support around 1.08 against the aussie and 0.59
against the greenback.
Against the yen and the euro, the kiwi dropped to 4-day lows of
91.13 and 1.7653 from Monday's closing quotes of 91.55 and 1.7558,
respectively. On the downside, 89.00 against the yen and 1.79
against the euro are seen as the next support levels for the
kiwi.
Looking ahead, U.K. unemployment data for December is due to be
released at 2:00 am ET in the pre-European session.
Half-an-hour later, Switzerland consumer prices for January is
slated for release.
In the European session, Germany's ZEW economic confidence
survey results for January are due.
At 5:40 am ET, ECB board member Anneli Tuominen will participate
in roundtable high-level discussion at SRB Annual Conference 2024
"The road ahead: risk, readiness and resilience" in Brussels,
Belgium.
In the New York session, U.S. CPI data for January and U.S.
Redbook report are set to be published.
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