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Forex News: NZ Dollar Weakens After RBNZ Holds Cash Rate

NZ Dollar Weakens After RBNZ Holds Cash Rate Steady

08/09/2018 - 04:10:00 (RTTNews)

(RTTNews) - The New Zealand dollar slipped against its major counterparts in the Asian session on Thursday, as the Reserve Bank of New Zealand maintained its Official Cash Rate at a record low of 1.75 percent and indicated that it would continue its expansionary policy stance for a considerable period.

The decision was in line with expectations following a 0.25 percent rate cut in November 2016.

The central bank has pared a collective 0.50 percent from its benchmark in the last 18 months, lowering the rate in six of the last 18 meetings after six straight sessions with no change.

Global economic growth is expected to continue to support local demand, RBNZ Governor Adrian Orr noted.

The kiwi depreciated to 1.7440 against the euro, a level not seen since November 2017. The kiwi is likely to challenge support around the 1.77 level.

The kiwi slipped to more than 9-month low of 1.1174 against the aussie, from a high of 1.1011 hit at 5:00 pm ET. If the kiwi falls further, 1.13 is likely seen as its next support level.

The kiwi weakened to a 2-1/2-year low of 0.6652 against the greenback, reversing from a high of 0.6747 hit at 5:00 pm ET. On the downside, 0.65 is possibly seen as the next support level for the kiwi.

The kiwi fell back to 73.86 against the yen, heading to pierce a 21-month low of 73.82 hit at 9:15 pm ET. The next likely support for the kiwi is seen around the 72.5 level.

Data from the Bank of Japan showed that Japan's M2 money stock rose 3.0 percent on year in July, coming in at 1,007.5 trillion yen.

That was shy of expectations for an increase of 3.1 percent, which would have been unchanged from the June reading.

Looking ahead, at 8:15 am ET, Canada housing starts for July are set for release.

In the New York session, Canada new housing price index for June, U.S. weekly jobless claims for the week ended August 4, producer price index for July and wholesale inventories for June are due.

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