NZ Dollar Rises As Diary Prices Advance
January 17 2017 - 8:31PM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Wednesday after dairy product
prices inched higher at the Global Dairy Trade auction held
overnight.
The GDT price index rose 0.6 percent to US$3,517, up from
US$3,463 at the previous auction two weeks ago.
Meanwhile, investors digested U.S. President-elect Donald
Trump's remarks on the U.S. dollar strength and British Prime
Minister Theresa May's statement that her country will leave the
European single market when it quits the European Union.
Tuesday, the NZ dollar showed mixed trading against its major
rivals. While the kiwi rose against the U.S. dollar, the euro and
the Australian dollar, it held steady against the yen.
In the Asian trading, the NZ dollar rose to a 2-day high of
81.52 against the yen and more than a 1-month high of 1.4831
against the euro, from yesterday's closing quotes of 81.24 and
1.4845, respectively. If the kiwi extends its uptrend, it is likely
to find resistance around 84.00 against the yen an d 1.46 against
the euro.
Against the Australian dollar, the kiwi advanced to an 8-day
high of 1.0465 from yesterday's closing value of 1.0486. The kiwi
may test resistance around the 1.03 region.
Meanwhile, the kiwi fell to 0.7189 against the U.S. dollar, from
yesterday's closing value of 0.7214. The kiwi is likely to find
support around the 0.70 area.
Looking ahead, the German final CPI for December is due to be
released in the pre-European session at 2:00 am ET.
At 3:45 am ET, European Commission President Jean-Claude Juncker
and Maltese Prime Minister Joseph Muscat will discuss the
priorities of Malta's rotating EU presidency with EU Parliament, in
Strasbourg, France.
U.K. jobs data for November, Eurozone construction output for
November and final CPI data for December are slated for release
later in the day.
At 5:30 am ET, ECB Board Member Daniele Nouy will deliver a
speech at WHU Otto Beisheim School of Management in Koblenz,
Germany.
In the New York session, U.S. NAHB house price index for
January, U.S. CPI for December and industrial production for
December are slated for release.
At 9:00 am ET, Federal Reserve Bank of Dallas President Robert
Kaplan will participate in a panel before the University of Texas
at Austin 2017 Business Forecast, in Dallas.
At 11:00 am ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is expected to speak about the economy at the
Minneapolis Urban League, in Minneapolis.
At 11:15 am ET, Bank of Canada Governor Stephen Poloz and Senior
Deputy Governor Carolyn Wilkins will hold a press conference to
discuss the contents of the monetary policy report, in Ottawa.
At 2:00 pm ET, Federal Reserve's Beige book report is set to be
published.
At 3:00 pm ET, Federal Reserve Chair Janet Yellen will deliver a
speech titled "The Goals of Monetary Policy and How We Pursue Them"
at the Commonwealth Club, in San Francisco.
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