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Forex News: NZ Dollar Falls Amid Tepid China Data, U.S.

NZ Dollar Falls Amid Tepid China Data, U.S. Midterm Election Results

11/09/2022 - 03:29:00 (RTTNews)

(RTTNews) - The NZ dollar dropped against its major counterparts in the Asian session on Wednesday, as China's consumer inflation slowed more than expected in October and investors digested the likelihood of Republicans attaining a majority in the U.S. House of Representatives in midterm elections.

Data from the National Bureau of Statistics showed that consumer prices grew 2.1 percent in October from the same period last year.

This was slower than the 2.8 percent increase posted in September and also economists' forecast of 2.4 percent.

Early results suggested the chance of Republicans winning in the House of Representatives, which will pose challenges to the Biden administration.

Republicans are leading in the tightly contested race to the Senate.

The kiwi was down at 0.5927 against the greenback. On the downside, 0.55 is likely seen as the next support for the kiwi.

The kiwi touched 1.6968 against the euro, its lowest level in six days. The currency is seen finding support around the 1.72 level.

The kiwi declined to a 2-day low of 86.41 against the yen and a 5-day low of 1.0946 against the aussie, off its early highs of 86.76 and 1.0897, respectively. The kiwi is poised to challenge support around 83.00 against the yen and 1.13 against the aussie.

Looking ahead, U.S. wholesale inventories for September are due in the New York session.

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