Kiwi Falls As New Zealand Economic Growth Slows
15 Juin 2017 - 05:08AM
RTTF2
The New Zealand dollar weakened against the other major
currencies in the Asian session on Thursday, after data showed that
the nations' gross domestic product grew less than expected on
quarter in the first three months of 2017.
Data from Statistics New Zealand showed that New Zealand's gross
domestic product expanded 0.5 percent on quarter in the first three
months of 2017. That was shy of expectations for a gain of 0.7
percent but was up from the 0.4 percent increase in the three
months prior.
Expenditure on gross domestic product gained 0.2 percent in the
first quarter.
On a yearly basis, GDP climbed 2.5 percent, again missing
forecasts of 2.7 percent, which would have been unchanged.
Meanwhile, crude oil delivery for July is currently down by 0.02
percent or $44.71 per barrel. Crude oil futures dropped on
Wednesday to their lowest since November after OPEC warned the
global supply glut may worsen.
Wednesday, the NZ dollar had risen 1.27 percent against the U.S.
dollar, 0.55 percent against the yen, 0.61 percent against the euro
and 0.08 percent against the aussie.
In the Asian trading, the NZ dollar fell to a 3-day low of 78.97
against the yen and more than a 2-week low of 1.0551 against the
Australian dollar, from yesterday's closing quotes of 79.65 and
1.0437, respectively. If the kiwi extends its downtrend, it is
likely to find support around 77.00 against the yen and 1.07
against the aussie.
Against the U.S. dollar and the euro, the kiwi edged down to
0.7208 and 1.5564 from yesterday's closing quotes of 0.7270 and
1.5428, respectively. The kiwi may test support near 0.70 against
the greenback and 1.59 against the euro.
Looking ahead, Swiss PPI for May, U.K. retail sales data for May
and Eurozone trade balance for April are due to be released later
in the day.
At 3:30 am ET, the Swiss National Bank's interest rate
announcement is due. The central bank is expected to maintain the
LIBOR rate at -1.25 percent.
At 3:40 am ET, Reserve Bank of Australia Assistant Governor Guy
Debelle is expected to speak at the Thomson Reuters industry event,
in Sydney.
The Bank of England will announce its interest rate decision at
7:00 am ET. Economists expect the bank to retain interest rates
unchanged at 0.25 percent and asset purchase target at GBP 435
billion.
In the New York session, Canada manufacturing sales data for
April and existing home sales data for May, U.S. import price index
for May, U.S. weekly jobless claims for the week ended June 10,
industrial production for May, U.S. Empire State manufacturing
index for June, and U.S. NAHB housing market index for June are
slated for release.
At 12:30 pm ET, Swiss National Bank is scheduled to publish its
Financial Stability Report.
At 4:00 pm ET, Bank of England Governor Mark Carney is expected
to speak at the Mansion House Bankers and Merchants Dinner, in
London.
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