EURNZD Euro vs New Zealand Dollar

The New Zealand dollar continued to be weak against other major currencies in the Asian session on Friday, as traders bet that the central bank is likely to cut its interest rates in November.

Meanwhile, the Reserve Bank of New Zealand on Thursday kept its Official Cash Rate at the record low of 2.00 percent. Low inflation was a key factor in allowing the bank to stand pat, RBNZ Governor Graeme Wheeler noted.

RBNZ also hinted that further easing may be appropriate, depending on the results of forthcoming economic data.

Thursday, the NZ dollar fell against its most major rivals, as the Reserve Bank of New Zealand's statement hinted that further easing is closer on the horizon than previously expected, after maintaining its Official Cash Rate at the record low.

The NZ dollar fell 0.05 percent against the yen, 0.62 percent against the euro and 0.89 percent against the Australian dollar. The NZ dollar rose against the U.S. dollar

In the Asian trading, the NZ dollar fell to nearly a 5-week low of 1.0489 against the Australian dollar, a 1-week low of 1.5389 against the euro and a 4-day low of 0.7276 against the U.S. dollar, from yesterday's closing quotes of 1.0448, 1.5322 and 0.7311, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.06 against the aussie, 1.55 against the euro and 0.71 against the greenback.

Against the yen, the kiwi edged down to 73.57 from an early high of 73.78. The kiwi may test support near the 72.00 region.

Looking ahead, flash PMI reports from major European economies for September are due to be released later in the day.

In the New York session, Canada retail sales for July and CPI data for August, Markit's U.S. flash manufacturing PMI for September and U.S. Baker Hughes rig count data are slated for release.

At 9:00 am ET, U.S. Treasury Secretary Jack Lew and Treasury Deputy Secretary Sarah Bloom Raskin will participate in the Freedman Bank Forum, in Washington.

At 12:00 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker, Cleveland Fed President Loretta Mester and Atlanta Fed President Dennis Lockhart are expected to participate in "Presidents' Perspectives: The Fed's Role in Our Communities" closing plenary before the "Reinventing Our Communities: Transforming Our Economies," a conference hosted by the Federal Reserve Bank of Philadelphia .

At 12:30 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated Q&A before the Independent Bankers Association of Texas Annual Convention, in San Antonio.

Euro vs NZD (FX:EURNZD)
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