The New Zealand dollar weakened against the other major currencies in the Asian session on Wednesday amid rising risk aversion, as hopes faded for a deal among OPEC nations to limit oil production. Energy stocks fell across the region after oil prices lost about 3 percent overnight following comments by Saudi Arabia and Iran.

Crude oil for November delivery are currently down $0.02 to $44.65 a barrel.

Federal Reserve Chairwoman Janet Yellen will testify before the House Financial Services Committee later today to discuss financial regulation and supervision. Also, European Central Bank President Mario Draghi will address a closed-door session of German lawmakers today to explain the bank's ultra-loose monetary policy and answer questions from MPs.

Meanwhile, investors await a slew of speeches by several Federal Reserve officials later today after San Francisco Federal Reserve Bank President John Williams said he believes the U.S. economy can handle an interest rate rise.

Fed Vice Chairman Stanley Fischer also said that U.S. interest rates should rise over time. Traders are keeping a close eye on Fed Chair Janet Yellen's testimony before the House Financial Services Committee, although the hearing will focus on the Fed's supervision of big banks.

Tuesday, the NZ dollar rose 0.59 percent against the U.S. dollar, 0.91 percent against the yen, 0.75 percent against the euro, and 0.02 percent against the Australian dollar.

In the Asian trading, the NZ dollar fell to nearly a 1-1/2-month low of 1.0555 against the Australian dollar, from yesterday's closing value of 1.0498. The kiwi is likely to find support around the 1.06 area.

Against the U.S. dollar, the yen, and the euro, the kiwi dropped to 0.7266, 73.05 and 1.5422 from yesterday's closing quotes of 0.7299, 73.29 and 1.5348, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.71 against the greenback, 72.00 against the yen, and 1.57 against the euro.

Looking ahead, Swiss UBS consumption indicator for August and German Gfk consumer sentiment index for October are due to be released in the pre-European session at 2:00 am ET.

At 3:00 am ET, Swiss KOF leading indicator for September will be released.

At 4:05 am ET, Bank of England Deputy Governor Nemat Shafik is expected to speak at Bloomberg Markets Most Influential Summit, in London.

In the New York session, U.S. durable goods orders for August and U.S. crude oil inventories data are set to be published.

At 10:00 am ET, Federal Reserve Chair Janet Yellen will testify on supervision and regulation before the Committee on Financial Services, in Washington DC.

Ten minutes later, Federal Reserve Bank of St. Louis President James Bullard Fed Bank of Chicago President Charles Evans will deliver speeches on the Community Banking in the 21st Century Conference hosted by the Federal Reserve Bank of St. Louis.

At 10:30 am ET, European Central Bank President Mario Draghi is expected to speak about current developments in the euro area at the German Bundestag, in Berlin.

At 4:30 pm ET, Federal Reserve Bank of Cleveland President Loretta Mester is scheduled to speak before the Greater Cleveland Partnership, in Cleveland.

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