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Forex News: NZ Dollar Falls On Finance Minister Grant Robertson's

NZ Dollar Falls On Finance Minister Grant Robertson's Comments

10/30/2017 - 03:47:00 (RTTNews)

(RTTNews) - The New Zealand dollar weakened against its major opponents in Asian deals on Monday, following comments from the nation's Finance Minister Grant Robertson that the government's plan to reform the Reserve Bank of New Zealand's monetary policy that would target full employment as well as price stability could lower rates. "What it means is that when the Reserve Bank is making its decisions about the official cash rate, when it's thinking about monetary policy, of course it thinks about managing and controlling inflation, and that's vital. But also it thinks about other goals in the economy such as making sure that we maximize employment," Robertson said in a television interview on Sunday. Targeting employment goal along with price stability when making monetary policy decision could potentially lower rates, Robertson told. "We're actually just bringing our monetary policy up to speed to make sure it's contributing to the wider outcomes we want in the economy," he added. The RBNZ has maintained its cash rate at a record low of 1.75 percent. Investors await the Fed meeting on Tuesday and Wednesday, the BOJ decision on Tuesday and the U.S. jobs report for October due on Friday for directional cues.

The kiwi rose against its major rivals on Friday. The kiwi weakened to a 4-day low of 1.1230 against the aussie, after having advanced to an 11-day high of 1.1136 at 5:00 pm ET. If the kiwi falls further, 1.14 is possibly seen as its next support level. Reversing from an early high of 1.6847 against the euro, the kiwi dropped to 1.6989. The next possible support for the kiwi is seen around the 1.72 area. The kiwi edged down to 0.6835 against the greenback, off its early 4-day high of 0.6888. Continuation of the kiwi's downtrend may see it challenging support around the 0.67 region. The kiwi held steady against the yen, following more than a 5-month low of 77.68 hit at 12:15 am ET. This may be compared to a 4-day peak of 78.33 hit in early Asian deals. The kiwi is seen finding support around the 76.00 mark. Preliminary figures from the ministry of Economy, Trade and Industry showed that Japan's retail sales increased as expected in September, after falling in the previous month.

Retail sales rose a seasonally adjusted 0.8 percent month-over-month in September, reversing a 1.6 percent fall in August. The figure also matched consensus estimate. Looking ahead, U.K. mortgage approvals and M4 money supply for September and Eurozone economic confidence index for October are due in the European session. In the New York session, U.S. personal income and spending outlays for September as well as German preliminary CPI for October are set for release.

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