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Forex News: NZ Dollar Falls Amid Risk Aversion

NZ Dollar Falls Amid Risk Aversion

09/25/2017 - 03:00:00 (RTTNews)

(RTTNews) - The New Zealand dollar declined against its major counterparts in the Asian session on Monday amid risk aversion, as investors pondered election results from Germany and New Zealand.

The results of the German election showed that Chancellor Angela Merkel won a fourth term in office on Sunday, but will have to govern with a far less stable coalition. Meanwhile, in New Zealand, Prime Minister Bill English's National Party won the most votes, but failed to secure a majority in parliament.

Investors also await speeches from top central bankers this week, with ECB President Mario Draghi addressing EU lawmakers in Brussels later today while Federal Reserve Chair Janet Yellen is set to give a speech on Tuesday in Cleveland, Ohio.

The kiwi showed mixed performance in the Asian session. While the kiwi rose against the euro and the greenback, it held steady against the yen and the aussie.

The kiwi dropped to a 5-day low of 1.0972 against the aussie, compared to 1.0843 hit late New York Friday. The kiwi is likely to find support around the 1.11 region.

The kiwi fell to 0.7252 against the greenback, a level unseen since September 18. Continuation of the kiwi's downtrend may see it challenging suport around the 0.71 area.

Reversing from an early high of 82.21 against the yen, the kiwi declined to a 6-day low of 81.35. If the kiwi-yen pair falls further, 79.00 is possibly seen as its next support level.

Data from the Cabinet Office showed that Japan's leading index decreased less than initially estimated in July.

The leading index, which measures the future economic activity, dropped to 105.2 in July from 105.7 in June. The reading for July was revised up from 105.0.

The kiwi hit a 6-day low of 1.6451 against the euro, off its early 4-day high of 1.6247. On the downside, 1.66 is possibly seen as the next support for the kiwi.

Looking ahead, German Ifo business climate index for September is set for release in the European session.

At 8:30 am ET, Federal Reserve Bank of New York President William Dudley speaks on "Workforce Development" at Onondaga Community College.

Half an hour later, the ECB President Mario Draghi gives testimony before the European Parliament Economic and Monetary Affairs Committee in Brussels, Belgium.

Federal Reserve Bank of Chicago President Charles Evans speaks before the Economic Club of Grand Rapids in Michigan at 12:40 pm ET.

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