RTTN: New Zealand Dollar Falls To Multi-day Lows Against Greenback, Yen And Aussie
(RTTNews) - Wednesday morning in Asia, the New Zealand dollar slumped to multi-day lows against its U.S., Australian and Japanese counterparts as Asian stocks declined amid renewed concerns about the global economy. The NZ dollar also declined against the euro.
Thus far in Asia, Japan's Nikkei 225 index fell 2%, Hong Kong's Hang Seng slipped 1.2%, China's Shangai composite index dropped 0.6%, New Zealand's NZX 50 index lost 0.4%, South Korea's Kospi declined 0.8%, Taiwan's main index plunged 0.4%. Australia's S&P 200 index and the All Ordinaries index slumped 0.6% each.
The New Zealand dollar weakened against the U.S. currency in early Asian session on Wednesday. The kiwi-greenback pair that closed yesterday's trading at 0.7184 is currently trading at a 5-day low of 0.7173. The next downside target level for the NZ dollar is seen at 0.700.
During early Asian session on Wednesday, the New Zealand dollar slipped against the Japanese yen. As of now, the kiwi-yen pair is trading at a 6-day low of 60.0, compared to 60.23 hit late New York Tuesday. If the NZ dollar slides further, it may likely target the 58.5 level.
The New Zealand dollar edged down against the Australian dollar during early Asian deals on Wednesday. At present, the kiwi is trading at a 2-day low of 1.2724 against the aussie with 1.284 seen as the next downside target level. The aussie-kiwi pair closed yesterday's trading at 1.2685.
In early Asian deals on Wednesday, the New Zealand dollar dropped against the euro. Currently, the kiwi is worth 1.7700 against the euro, compared to Tuesday's closing value of 1.7625. The next downside target level for the kiwi is seen at 1.778.
Looking ahead, the Bank of Japan's monthly report and the Eco Watchers survey data for August are expected at 1:00 am ET.
Germany's current account, trade balance and industrial production - all for July, France's trade balance for July and the Bank of France business sentiment index for August are slated for release in the European session.
The U.S. Federal Reserve is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts, at 2 pm ET. The report is normally released about two weeks before the monetary policy meeting is held.
The Federal Reserve is also expected to release its monthly consumer credit report at 3 pm ET.
