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Forex News: NZ Dollar Weakens Amid Rising Aversion

NZ Dollar Weakens Amid Rising Aversion

11/15/2017 - 02:33:00 (RTTNews)

(RTTNews) - The New Zealand dollar dropped against most major opponents in late Asian deals on Wednesday amid rising risk aversion, as Asian stock markets fell following the negative lead from Wall Street amid overnight fall in crude oil prices.

oil prices fell almost 2 percent overnight on concerns about global demand and rising production outside OPEC.

The International Energy Agency on Tuesday warned of weakening oil demand for this year and next and said the U.S. shale supply would grow strongly for the next decade.

The Paris-based agency slashed its oil demand growth to 1.5 million barrels per day this year, and only 1.3 mb/d in 2018.

Data showing a surge in stockpiles by industry body American Petroleum Institute also dampened oil prices.

The American Petroleum Institute reported a build of 6.513 million barrels of crude oil inventories, while analysts were expecting a decline of 2.850 million barrels.

The kiwi dropped to near a 3-week low of 1.7174 against the euro and more than a 2-week low of 77.68 against the yen, from its early highs of 1.7116 and 78.10, respectively. If the kiwi falls further, 1.74 and 76.00 are likely seen as its support levels against the euro and the yen, respectively.

The kiwi reversed from its early high of 0.6888 against the greenback, falling to 0.6862. The next possible support for the kiwi is seen around the 0.67 area.

On the flip side, the kiwi held steady against the aussie, after touching near a 4-week peak of 1.1010 at 9:00 pm ET. The pair finished Tuesday's trading at 1.1094.

Looking ahead, Federal Reserve Bank of Chicago President Charles Evans speaks on the economy in a panel before the UBS European Conference, London, at 3:00 am ET.

The U.K. ILO unemployment rate for the three months ended September and Eurozone trade data for September are due in the European session. At 5:00 am ET, the ECB chief economist Peter Praet and Denmarks Nationalbank governor Lars Rohde speak at conference "At the heart of policy: challenges and opportunities of central bank communication" organised by the ECB in Frankfurt, Germany. In the New York session, U.S. consumer prices and retail sales for October, business inventories for September and New York Fed's empire manufacturing for November as well as Canada existing home sales for October are set for release.

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