NZ Dollar Drops Amid U.S.-China Tensions, Weak China Retail Sales Data
15 Dezember 2021 - 3:16AM
RTTF2
The NZ dollar fell against its major counterparts in the Asian
session on Wednesday, as traders weighed weak China retail sales
data, U.S.-China tensions and a faster reduction in the Federal
Reserve's monetary policy support.
The U.S. government is considering imposing sanctions on China's
largest chipmaker, Semiconductor Manufacturing International
Corp.
The Fed is expected to end its $120 billion a month bond buying
programme sooner than previously expected and bring forward the
possible timing of rate hikes.
China's retail sales rose less than expected in November amid
property market crisis and virus disruptions.
Data from the National Bureau of Statistics showed that retail
sales increased 3.9 percent on year, missing expectations for a
gain of 4.6 percent and down from 4.9 percent a month earlier.
The kiwi slipped to 0.6726 against the greenback, a level unseen
since November 2020. On the downside, 0.65 is possibly seen as its
next support level.
The kiwi edged down to 76.50 against the yen and 1.6737 against
the euro, following its prior highs of 76.72 and 1.6691,
respectively. The next likely support for the kiwi is seen around
75.00 against the yen and 1.69 against the euro.
The kiwi reversed from an early 2-day high of 1.0523 against the
aussie, dropping to 1.0563. If the kiwi drops further, 1.07 is seen
as its next support level.
Looking ahead, Canada housing starts for November are scheduled
for release at 8:15 am ET.
Canada CPI, U.S. retail sales and export and import prices, all
for November, as well as business inventories data for October, New
York Fed's empire manufacturing index and NAHB housing market index
for December will be released in the New York session.
At 2:00 pm ET, the Fed announces its decision on interest rate.
Economists widely expect the federal funds rate to be kept at
0-0.25 percent.
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