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Forex News: NZ Dollar Extends Fall After RBNZ Holds Official

NZ Dollar Extends Fall After RBNZ Holds Official Cash Rate Steady

02/09/2017 - 01:26:00 (RTTNews)

(RTTNews) - The New Zealand dollar continued to be weak against other major currencies in the Asian session on Thursday, after the Reserve Bank of New Zealand decided to maintain its Official Cash Rate at record low at 1.75 percent.

The decision was in line with expectations following a rate cut in November.

An improvement in the global outlook was a key factor in allowing the bank to make its move, RBNZ Governor Graeme Wheeler noted.

Speaking at a parliamentary select committee, the Wheeler said the cash rate is likely to stay low, and that a reduced pace of house price inflation is positive news.

Meanwhile, ongoing political uncertainty in both Europe and the U.S. have kept some traders on the sidelines.

In other economic news, data from Statistics New Zealand showed that the total number of building permits issued in New Zealand decreased for the second successive month in December. The number of new dwellings consented declined a seasonally adjusted 7.2 percent monthly in December, slower than the 9.6 percent fall in November.

Wednesday, the NZ dollar fell 0.50 percent against the U.S. dollar, 0.90 percent against the yen, 0.40 percent against the euro, and 0.61 percent against the Australian dollar.

In the Asian trading, the NZ dollar fell to a 1-week low of 1.4855 against the euro and nearly a 1-1/2-month low of 80.69 against the yen, from yesterday's closing quotes of 1.4723 and 81.30, respectively. The kiwi may test support near 1.51 against the euro, and 79.00 against the yen.

Against the U.S. and the Australian dollars, the kiwi dropped to more than a 2-week low of 0.7196 and nearly a 2-1/2-month low of 1.0593 from yesterday's closing quotes of 0.7264 and 1.0519, respectively. On the downside, 0.70 against the greenback and 1.06 against the aussie are seen as the next support level foe the kiwi.

Looking ahead, Swiss unemployment rate for January and German trade data for December are due to be released in the pre-European session at 1:45 am ET and 2:00 am ET, respectively.

At 4:00 am ET, Reserve Bank of Australia Governor Philip Lowe is expected to speak at the A50 Australian Economic Forum Dinner, in Sydney.

In the New York session, Canada new housing price index for December and U.S. weekly jobless claims for the week ended February 4, and U.S. wholesale inventories for December are slated for release.

At 11:35 am ET, Bank of Canada Deputy Governor Lawrence Schembri is expected to deliver a speech titled "Getting to the Core of Inflation" at Western University, in Ontario.

At 1:00 pm ET, St. Louis Fed President James Bullard will give a presentation on the U.S. economy and monetary policy at a financial forum hosted by the Washington University, in St Louis, U.S.

At 1:10 pm ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about the economy and monetary policy at the Chartered Financial Analysts's Society of Chicago.

At 1:30 pm ET, Bank of England Governor Mark Carney is scheduled to speak at the Bank of England Inclusion Reception, in London.

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