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Forex News: NZ Dollar Rises As Diary Prices Advance

NZ Dollar Rises As Diary Prices Advance

01/18/2017 - 01:31:00 (RTTNews)

(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian session on Wednesday after dairy product prices inched higher at the Global Dairy Trade auction held overnight.

The GDT price index rose 0.6 percent to US$3,517, up from US$3,463 at the previous auction two weeks ago.

Meanwhile, investors digested U.S. President-elect Donald Trump's remarks on the U.S. dollar strength and British Prime Minister Theresa May's statement that her country will leave the European single market when it quits the European Union.

Tuesday, the NZ dollar showed mixed trading against its major rivals. While the kiwi rose against the U.S. dollar, the euro and the Australian dollar, it held steady against the yen.

In the Asian trading, the NZ dollar rose to a 2-day high of 81.52 against the yen and more than a 1-month high of 1.4831 against the euro, from yesterday's closing quotes of 81.24 and 1.4845, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 84.00 against the yen an d 1.46 against the euro.

Against the Australian dollar, the kiwi advanced to an 8-day high of 1.0465 from yesterday's closing value of 1.0486. The kiwi may test resistance around the 1.03 region.

Meanwhile, the kiwi fell to 0.7189 against the U.S. dollar, from yesterday's closing value of 0.7214. The kiwi is likely to find support around the 0.70 area.

Looking ahead, the German final CPI for December is due to be released in the pre-European session at 2:00 am ET.

At 3:45 am ET, European Commission President Jean-Claude Juncker and Maltese Prime Minister Joseph Muscat will discuss the priorities of Malta's rotating EU presidency with EU Parliament, in Strasbourg, France.

U.K. jobs data for November, Eurozone construction output for November and final CPI data for December are slated for release later in the day.

At 5:30 am ET, ECB Board Member Daniele Nouy will deliver a speech at WHU Otto Beisheim School of Management in Koblenz, Germany.

In the New York session, U.S. NAHB house price index for January, U.S. CPI for December and industrial production for December are slated for release.

At 9:00 am ET, Federal Reserve Bank of Dallas President Robert Kaplan will participate in a panel before the University of Texas at Austin 2017 Business Forecast, in Dallas.

At 11:00 am ET, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to speak about the economy at the Minneapolis Urban League, in Minneapolis.

At 11:15 am ET, Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the monetary policy report, in Ottawa.

At 2:00 pm ET, Federal Reserve's Beige book report is set to be published.

At 3:00 pm ET, Federal Reserve Chair Janet Yellen will deliver a speech titled "The Goals of Monetary Policy and How We Pursue Them" at the Commonwealth Club, in San Francisco.

For comments and feedback: contact editorial@rttnews.com

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