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Forex News: NZ Dollar Slides Amid Risk Aversion

NZ Dollar Slides Amid Risk Aversion

10/05/2018 - 03:34:00 (RTTNews)

(RTTNews) - The New Zealand dollar drifted lower against its major counterparts in the Asian session on Friday, as Asian shares fell, led by a sell-off in technology stocks, after a Bloomberg report that China secretly inserted surveillance microchips into servers used by Apple and Amazon. However, both companies denied the claims of supply chain attack.

Investors continue to fret over rising U.S. treasury yields after strong economic data stoked fears about the outlook for interest rates.

Investors now look ahead to the U.S. Labor Department's closely- watched monthly employment report for September due later in the day. The report is expected to show employment climbed by about 185,000 jobs in September after jumping by 201,000 jobs in August.

The monthly jobs data is likely to overshadow a separate report on the U.S. trade deficit as well as remarks by Federal Reserve officials.

The kiwi slipped to a 2-1/2-year low of 0.6463 against the greenback and more than a 2-week low of 73.59 against the yen, reversing from its early highs of 0.6486 and 73.94, respectively. If the kiwi falls further, it may find support around 0.63 against the greenback and 72.00 against the yen.

The kiwi fell to more than a 3-week low of 1.7801 against the euro, after having advanced to 1.7758 at 8:20 pm ET. On the downside, 1.80 is possibly seen as the next support level for the kiwi.

The kiwi pared gains to 1.0932 against the aussie, from a high of 1.0906 touched at 9:25 pm ET. The kiwi is likely test support around the 1.11 area.

Data from the Australian Bureau of Statistics showed that Australia's retail turnover logged a moderate growth in August.

Retail sales grew 0.3 percent month-on-month in August, following a relatively unchanged estimate in July and a 0.4 percent rise in June. Sales were expected to climb 0.2 percent.

Looking ahead, U.K. Halifax house price index for September is due in the European session.

In the New York session, U.S. and Canadian jobs data for September and U.S. and Canadian trade data for August, as well as U.S. consumer credit for August are slated for release.

At 12:40 pm ET, Federal Reserve Bank of Atlanta President Raphael Bostic speaks at the Financial Literacy and Economic Education Conference in Atlanta.

For comments and feedback: contact editorial@rttnews.com

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