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Forex News: NZ Dollar Drops Amid Downbeat China Data

NZ Dollar Drops Amid Downbeat China Data

08/14/2020 - 03:20:00 (RTTNews)

(RTTNews) - The NZ dollar fell against its major opponents in the Asian session on Friday, as weak China data and the political stalemate over additional U.S. stimulus package made investors cautious.

Official data showed that China's industrial production grew 4.8 percent on a yearly basis in July, the same rate of growth as seen in June and weaker than the expected rise of 5.1 percent.

Retail sales dropped 1.1 percent from last year, confounding expectations for an increase of 0.1 percent.

During January to July period, fixed asset investment decreased 1.6 percent versus a 3.1 percent decrease in January to June.

Stimulus talks stalled as a pivotal call between House Speaker Pelosi and Treasury Secretary Mnuchin yielded no results.

The two sides remained at odds over enhanced jobless benefits and expanding mail-in voting, among other issues.

The kiwi slipped to 2-day lows of 0.6526 against the greenback and 69.78 against the yen, off its early highs of 0.6554 and 70.09, respectively. The kiwi may possibly challenge support around 0.63 against the greenback and 68.00 against the yen, if it falls further.

The kiwi depreciated to near a 3-month low of 1.8095 against the euro and near a 2-year low of 1.0953 against the aussie, reversing from its early highs of 1.8014 and 1.0901, respectively. The kiwi is poised to find support around 1.86 against the euro and 1.12 against the aussie.

Looking ahead, Eurozone trade data for June, GDP and employment data for the second quarter are due in the European session.

In the New York session, U.S. retail sales and industrial production for July, business inventories for June and University of Michigan's preliminary consumer sentiment index for August are scheduled for release.

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