NZ Dollar Slides Amid Risk Aversion
23 Januar 2017 - 7:06AM
RTTF2
The New Zealand dollar dropped against its major rivals in the
early European session on Monday amid risk aversion, as Donald
Trump took a protectionist tone in his first speech as U.S.
President.
His inaugural speech hewed closely to the themes of presidential
campaign, offering a populist message and promising to solve the
many problems he sees facing the nation.
The president's remarks have been described as protectionist, as
he lamented U.S. policies that have enriched foreign industry and
subsidized the armies of other countries at the expense of
America's industry and military.
Further undermining sentiment was falling oil prices, on the
back of expectations for growing oil production in the U.S.
Data from energy services firm Baker Hughes showed that the US
oil-rig count resumed its increase last week, rising by 29 to
551.
The data raised worries over the possibility of higher oil
production in the U.S., which could derail attempts by the other
major oil producers to stabilize oil market.
The kiwi was trading in a positive territory in the Asian
session, with the exception of the yen.
The kiwi dropped to 1.4943 against the euro and 0.7181 against
the greenback, from its early highs of 1.4889 and 0.7219,
respectively. The kiwi may locate support around 1.50 against the
euro and 0.70 against the greenback.
The kiwi retreated from an early 5-day high of 1.0491 versus the
aussie with the pair trading at 1.0519. The next possible support
for the kiwi may be found around the 1.065 mark.
The kiwi declined to a 5-day low of 81.58 against the yen, off
its previous high of 82.06. Further weakness may take the kiwi to a
support around the 80.00 area.
Figures from the Ministry of Economy, Trade and Industry showed
that Japan's all industry activity increased at a
slower-than-expected pace in November.
The all industry activity index rose a seasonally adjusted 0.3
percent month-over-month in November, after remaining flat in the
previous month. That was just below the 0.4 percent gain expected
by economists.
Looking ahead, at 6:30 am ET, ECB President Mario Draghi will
deliver a speech on the occasion of the awarding of the Premio
Camillo Cavour organised by Fondazione Camillo Cavour in Turin,
Italy.
Canada wholesales data for November is due to be released at
8:30 am ET.
At 8:15 am ET, ECB Board Member Peter Praet delivers a speech at
"European Pillar of Social Rights Conference", organised by
European Commission in Brussels.
At 10:00 am ET, Eurozone consumer confidence for January is
slated for release.
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