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Forex News: NZ Dollar Falls Amid Weak Chinese Data

NZ Dollar Falls Amid Weak Chinese Data

11/14/2017 - 02:28:00 (RTTNews)

(RTTNews) - The New Zealand dollar dropped against its major counterparts in late Asian deals on Tuesday, as most Asian stocks declined after a raft of Chinese data that underwhelmed expectations.

Growth in Chinese industrial output, retail sales and fixed asset investment slowed in October, separate data showed early in the day.

Industrial output grew an annual 6.2 percent, missing forecasts for 6.3 percent growth and down from 6.6 percent in September.

Retail sales advanced 10.0 percent - again missing expectations for 10.5 percent growth and down from 10.3 percent in the previous month.

Fixed asset investment grew 7.3 percent from a year earlier, matching expectations and slowing from 7.5 percent a month earlier.

Investors focus on the European Central Bank's conference in Frankfurt, where the European Central Bank chief Mario Draghi, Federal Reserve Chair Janet Yellen, Bank of Japan Governor Haruhiko Kuroda and Bank of England Governor Mark Carney will participate in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication."

The kiwi declined against its major rivals on Monday, with the exception of the aussie.

The kiwi slipped to an 11-day low of 1.1132 against the aussie, off its early 4-day high of 1.1035. The next possible support for the kiwi is seen around the 1.13 area.

The kiwi dropped to a 2-week low of 1.7023 against the euro, near 2-week lows of 0.6857 against the greenback and 77.93 against the yen, from its previous highs of 1.6899, 0.6903 and 78.45, respectively. If the kiwi slides further, it may target support around 1.72 against the euro, 76.00 against the yen and 0.67 against the greenback.

Looking ahead, Swiss producer and import prices and U.K. consumer and producer prices for October, German ZEW economic sentiment index for November, Eurozone industrial production for September and GDP data for the third quarter are set for release in the European session.

The Bank of England Governor Mark Carney, the European Central Bank President Mario Draghi, the Bank of Japan Governor Haruhiko Kuroda and the Fed Chair Janet Yellen are due to speak at the ECB's Central Bank Communications Conference at 5:00 am ET.

In the New York session, U.S. producer prices for October are due.

At 12:30 pm ET, the Bank of England Deputy Governor Jon Cunliffe speaks at the Oxford Economics Society.

For comments and feedback: contact editorial@rttnews.com

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