NZ Dollar Falls Amid Tepid China Data, U.S. Midterm Election Results
November 08 2022 - 10:29PM
RTTF2
The NZ dollar dropped against its major counterparts in the
Asian session on Wednesday, as China's consumer inflation slowed
more than expected in October and investors digested the likelihood
of Republicans attaining a majority in the U.S. House of
Representatives in midterm elections.
Data from the National Bureau of Statistics showed that consumer
prices grew 2.1 percent in October from the same period last
year.
This was slower than the 2.8 percent increase posted in
September and also economists' forecast of 2.4 percent.
Early results suggested the chance of Republicans winning in the
House of Representatives, which will pose challenges to the Biden
administration.
Republicans are leading in the tightly contested race to the
Senate.
The kiwi was down at 0.5927 against the greenback. On the
downside, 0.55 is likely seen as the next support for the kiwi.
The kiwi touched 1.6968 against the euro, its lowest level in
six days. The currency is seen finding support around the 1.72
level.
The kiwi declined to a 2-day low of 86.41 against the yen and a
5-day low of 1.0946 against the aussie, off its early highs of
86.76 and 1.0897, respectively. The kiwi is poised to challenge
support around 83.00 against the yen and 1.13 against the
aussie.
Looking ahead, U.S. wholesale inventories for September are due
in the New York session.
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