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New Zealand Dollar Slides Against Majors

00:00, 8th August 2012

(RTTNews) - The New Zealand dollar slipped to multi-day lows against other major currencies in Asian trading on Wednesday in response to the country's Prime Minister John Key's comments, who indicated that the kiwi has room to fall and its current strength could stifle the domestic economy.

John Key told Bloomberg News that one-way bets on continued strength in the New Zealand dollar were "not a very smart thing to do". He also said the high dollar "takes the pressure off the Reserve Bank" to raise rates.

The NZ dollar fell to 5-day lows of 0.8136 against the US dollar and 63.89 against the yen, compared to yesterday's close of 0.8158 and 64.12, respectively. The next downside target level for the kiwi is seen at 63.6 against the yen and 0.810 against the greenback.

Against the Australian dollar, the NZ dollar slipped to a 6-day low of 1.2970 with 1.300 seen as the next downside target level. At yesterday's close, the aussie-kiwi pair was quoted at 1.2944.

The NZ dollar dropped to a 12-day low of 1.5238 against the euro and if the kiwi weakens further, it will target the 1.530 level. The euro-kiwi pair ended yesterday's trading at 1.5198.

Looking ahead, Japan's Eco watchers survey for July is due at 1 am ET.

Swiss SECO consumer confidence index for July, German trade data and industrial production for June and the Bank of England's quarterly inflation report are slated for release in the European session.

The U.S. Labor Department is scheduled to release its preliminary report on second quarter non-farm productivity and unit labor costs at 8:30 am ET.

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