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Forex News: NZ Dollar Slides Amid Risk Aversion

NZ Dollar Slides Amid Risk Aversion

01/23/2017 - 06:06:00 (RTTNews)

(RTTNews) - The New Zealand dollar dropped against its major rivals in the early European session on Monday amid risk aversion, as Donald Trump took a protectionist tone in his first speech as U.S. President.

His inaugural speech hewed closely to the themes of presidential campaign, offering a populist message and promising to solve the many problems he sees facing the nation.

The president's remarks have been described as protectionist, as he lamented U.S. policies that have enriched foreign industry and subsidized the armies of other countries at the expense of America's industry and military.

Further undermining sentiment was falling oil prices, on the back of expectations for growing oil production in the U.S.

Data from energy services firm Baker Hughes showed that the US oil-rig count resumed its increase last week, rising by 29 to 551.

The data raised worries over the possibility of higher oil production in the U.S., which could derail attempts by the other major oil producers to stabilize oil market.

The kiwi was trading in a positive territory in the Asian session, with the exception of the yen.

The kiwi dropped to 1.4943 against the euro and 0.7181 against the greenback, from its early highs of 1.4889 and 0.7219, respectively. The kiwi may locate support around 1.50 against the euro and 0.70 against the greenback.

The kiwi retreated from an early 5-day high of 1.0491 versus the aussie with the pair trading at 1.0519. The next possible support for the kiwi may be found around the 1.065 mark.

The kiwi declined to a 5-day low of 81.58 against the yen, off its previous high of 82.06. Further weakness may take the kiwi to a support around the 80.00 area.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity increased at a slower-than-expected pace in November.

The all industry activity index rose a seasonally adjusted 0.3 percent month-over-month in November, after remaining flat in the previous month. That was just below the 0.4 percent gain expected by economists.

Looking ahead, at 6:30 am ET, ECB President Mario Draghi will deliver a speech on the occasion of the awarding of the Premio Camillo Cavour organised by Fondazione Camillo Cavour in Turin, Italy.

Canada wholesales data for November is due to be released at 8:30 am ET.

At 8:15 am ET, ECB Board Member Peter Praet delivers a speech at "European Pillar of Social Rights Conference", organised by European Commission in Brussels.

At 10:00 am ET, Eurozone consumer confidence for January is slated for release.

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