NZ Dollar Weakens In Cautious Trade
April 01 2022 - 12:07AM
RTTF2
The NZ dollar fell against its major counterparts in the Asian
session on Friday, as traders weighed economic threats from the
Federal Reserve's aggressive tightening of monetary policy and
attacks on Ukraine.
U.S. nonfarm payrolls data is due later today, with economists
expecting an increase of 490,000 jobs in March following a gain of
678,000 jobs in the previous month. The unemployment rate is
expected to fall to 3.7 percent from 3.8 percent.
Overnight data showed that the Federal Reserve's preferred
measure of core inflation jumped to 5.4 percent on year, its
highest level in nearly 40 years.
Peace talks between Russia and Ukraine will resume via online
today, even as attacks continued on the outskirts of Kyiv and other
cities.
Russian President Vladimir Putin has set April 1 as deadline for
gas payments in roubles from "unfriendly countries" and threatened
to halt supplies if the buyer failed to fulfill the new
conditions.
Germany rejected the demand and said that the country was
prepared for all scenarios, including a cessation of supplies to
Europe.
The kiwi declined to a 3-day low of 0.6910 against the greenback
and a 2-day low of 1.0824 against the aussie, off its early highs
of 0.6942 and 1.0780, respectively. The kiwi is seen finding
support around 0.66 against the greenback and 1.10 against the
aussie.
The kiwi edged down to 1.6019 against the euro, after rising to
a 2-day high of 1.5940 earlier in the session. On the downside,
1.10 is possibly seen as its next support level.
In contrast, the kiwi held steady against the yen, after having
risen to 84.98 at 11:30 pm ET. The pair had closed yesterday's
deals at 84.33.
Looking ahead, Eurozone CPI for March and PMI reports from major
European economies are due in the European session.
U.S. jobs data and ISM manufacturing PMI for March and
construction spending for February are set for release in the New
York session.
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