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Forex News: NZ Dollar Weakens Amid Risk Aversion

NZ Dollar Weakens Amid Risk Aversion

08/13/2020 - 08:13:00 (RTTNews)

(RTTNews) - The NZ dollar declined against its major opponents in the European session on Thursday, as a political deadlock over the next coronavirus aid package dented risk appetite.

Republicans and Democrats remain divided over additional stimulus, with President Donald Trump saying that a deal is "not going to happen."

House Speaker Nancy Pelosi said Democrats and the Trump administration are "miles apart" on a new fiscal plan, with little prospect of any new negotiations bearing fruit in the near future.

Investors await the latest U.S. jobless claims data later in the day for more indications about the state of the world's largest economy.

Data from Statistics New Zealand showed that New Zealand food prices rose 4.2 percent on year in July - up from 4.1 percent in June.

On a monthly basis, food prices were up a seasonally adjusted 0.6 percent, 1.2 percent unadjusted.

The kiwi edged lower to 0.6557 against the greenback and 69.99 against the yen, from its prior highs of 0.6599 and 70.44, respectively. The next possible support for the kiwi is seen around 0.62 against the greenback and 67.5 against the yen.

The kiwi depreciated to near a 3-month low of 1.8056 against the euro, down from a high of 1.7892 set in the previous session. The kiwi is likely test support around the 1.85 area.

Final data from Destatis showed that German consumer prices fell in July, as initially estimated, mainly due to the reduction in the value added tax.

The consumer price index fell 0.1 percent in July, after a 0.9 percent rise in June, as initially estimated.

The kiwi touched a day's low of 1.0922 against the aussie, reversing from a high of 1.0877 hit at 5:00 pm ET. If the kiwi falls further, 1.12 is likely seen as its next support level.

Looking ahead, U.S. weekly jobless claims for the week ended August 8 and import and export prices for July are due in the New York session.

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