NZ Dollar Falls Amid Rising Risk Aversion
28 September 2016 - 03:53AM
RTTF2
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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