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Forex News: NZ Dollar Falls On Growth, U.S.-China Worries

NZ Dollar Falls On Growth, U.S.-China Worries

09/23/2020 - 03:23:00 (RTTNews)

(RTTNews) - The NZ dollar slipped against its major counterparts in the Asian session on Wednesday, as worries about the global economic recovery, the rising number of coronavirus cases in Europe and the U.S. as well as U.S.-China tensions dampened risk sentiment.

Tensions between the U.S. and China came to the fore of the annual UN General Assembly in New York, with U.S. President Donald Trump blaming Beijing for unleashing a "plague" on the world, while Chinese President Xi Jinping said his country has no intention to fight either a "cold war" or a "hot war" with any country. Earlier in the day, the kiwi briefly rose after the Reserve Bank of New Zealand kept its key rate and asset purchase programme unchanged and signaled additional stimulus including a negative rate as virus-led restrictions continued to dampen economic activity.

The Monetary Policy Committee of the Reserve Bank of New Zealand decided to hold its key Official Cash Rate at 0.25 percent and to continue with the Large Scale Asset Purchase Programme up to NZ$100 billion.

Policymakers assessed that further monetary stimulus would be needed going forward. They affirmed that the Funding for Lending Programme, or FLP, a negative OCR, and purchases of foreign assets remain under consideration.

The kiwi dropped to an 8-day low of 1.7710 against the euro, after rising to 1.7588 at 10:00 pm ET. If the kiwi slides further, 1.80 is likely seen as its next support level.

The kiwi touched a 4-week low of 0.6592 against the greenback, from a high of 0.6648 seen at 10:00 pm ET. The kiwi is seen locating support near the 0.64 region.

Retreating from near a 2-month high of 1.0750 hit at 10:00 pm ET, the kiwi was trading lower at 1.0798 versus the aussie. On the downside, 65.00 is possibly seen as its next support level.

The kiwi was down against the yen, at a fresh 4-week low of 69.29. This followed a 2-day high of 69.90 logged at 10:00 pm ET. The next likely support for the kiwi is seen around the 1.10 level.

Looking ahead, PMIs from major European economies are due in the European session.

U.S. Federal Housing Finance Agency's house price index for July is set for release in the New York session.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will testify on the economic impacts of COVID-19 before the House Select Committee in Washington DC.

For comments and feedback: contact editorial@rttnews.com

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