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Forex News: NZ Dollar Drops Amid Risk Aversion

NZ Dollar Drops Amid Risk Aversion

01/31/2020 - 06:39:00 (RTTNews)

(RTTNews) - The New Zealand dollar declined against its major counterparts in the European session on Friday amid risk aversion, as the United States advised its citizens to avoid travel to China, after the World Health Organization declared the coronavirus outbreak a global emergency.

The U.S. Department of State issued a Level 4 warning, restricting travel to China in the wake of the virus outbreak.

The WHO called the outbreak of coronavirus a global health emergency, but put no restrictions on trade or travel to China.

So far, the deadly virus has claimed 213 lives in China and infected 9,692 people.

Survey data from ANZ showed that New Zealand consumer confidence weakened marginally in January.

The ANZ-Roy Morgan consumer confidence index fell to 122.7 in January from 123.3 in December.

The kiwi slipped to near 2-month lows of 1.7087 against the euro and 0.6454 against the greenback, from its early highs of 1.6986 and 0.6495, respectively. The next possible support for the kiwi is seen around 1.73 against the euro and 0.63 against the greenback.

Reversing from an early high of 70.88 against the yen, the kiwi dropped to more than a 2-month low of 70.32. If the kiwi falls further, it may find support around the 68.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales rose a seasonally adjusted 0.2 percent on month in December.

That was shy of expectations for a gain of 1.2 percent following the 4.5 percent jump in November.

The kiwi fell back to 1.0363 against the aussie, not far from a 2-day low of 1.0366 seen in the Asian session. The kiwi is seen finding support around the 1.05 region.

Data from the Australian Bureau of Statistics showed that Australia producer prices grew 0.3 percent on quarter in the fourth quarter of 2019 - slowing from 0.4 percent in the three months prior.

On a yearly basis, producer prices climbed 1.4 percent - also down, from 1.6 percent in the previous quarter.

Looking ahead, Canada GDP data for November and industrial product price index for December, as well as U.S. personal income and spending data for the same month and University of Michigan's final consumer sentiment index for January are scheduled for release in the New York session.

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