NZ Dollar Strengthens After Dairy Prices Slightly Lift
21 Februar 2024 - 3:16AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Wednesday, after dairy prices
soared up at the latest Global Dairy Trade auction held
overnight.
New Zealand's Global Dairy Trade Index rose 0.5 percent, beating
estimates at minus 1 percent.
Meanwhile, the price of Whole Milk Powder is down 1.8 percent,
and the price of Skim Milk Powder is down 1.3 percent.
In economic news, data from Statistics New Zealand showed that
the producer price inputs in New Zealand were up 0.9 percent on
quarter in the fourth quarter of 2023. That exceeded forecasts for
an increase of 0.4 percent but was down from 1.2 percent in the
previous three months.
PPI outputs were up 0.7 percent on quarter, also topping
estimates for 0.4 percent and down from 0.8 percent in the three
months prior.
Traders remain cautious and seemed reluctant to make significant
moves ahead of the release of the minutes of the U.S. Fed's latest
monetary policy meeting later in the day. The Fed may provide
additional insight into the outlook for interest rates.
The NZ dollar started rising against the euro and the U.S.
dollar from February 14, 2023. Against the Australian dollar and
the yen, the kiwi started rising from February 16 and February 13,
respectively.
In the Asian trading today, the NZ dollar appreciated to a
9-year high of 92.82 against the yen, from yesterday's closing
value of 92.48. The kiwi may test resistance near the 94.00
region.
Against the U.S. dollar and the euro, the kiwi advanced to more
than a 1-month high of 0.6191 and more than a 1-1/2-month high of
1.7472 from Tuesday's closing quotes of 0.6167 and 1.7528,
respectively. If the kiwi extends its uptrend, it is likely to find
resistance around 0.63 against the greenback, 1.73 against the
euro
The kiwi edged up to 1.0607 against the Australian dollar, from
yesterday's closing value of 1.0626. On the upside, 1.05 is seen as
the next resistance level for the kiwi.
Looking ahead, Switzerland's M3 money supply data for January
and the Confederation British Industry's Industrial Trends Survey
results for February are due to be released in the European
session.
At 5:00 am ET, Bundesbank President Joachim Nagel attends the
Cabinet meeting on the Annual Economic Report.
At 5:25 am ET, European Central Bank board member Edouard
Fernandez-Bollo speaks at an event organized in association with
the Belgian Presidency of the Council of the EU in Ghent,
Belgium.
In the New York session, U.S. mortgage approvals data, Canada
new housing price index for January, Eurozone flash consumer
confidence for February and U.S. Redbook reports are slated for
release.
At 8:00 am ET, Federal Reserve Bank of Atlanta President Raphael
Bostic will give welcome remarks before the Airports Council
International CFO Summit hosted by the Regional Economic
Information Network (REIN) of the Federal Reserve Bank of Atlanta,
in U.S.
At 9:00 am ET, Bank of England Monetary Policy Committee member
Swati Dhingra is scheduled to deliver a speech to Market News in
London, U.K.
At 2:00 pm ET, Federal Open Market Committee will issue minutes
from its meeting of Jan 30- Jan 31.
Euro vs NZD (FX:EURNZD)
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Euro vs NZD (FX:EURNZD)
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