The New Zealand dollar edged lower against its major rivals on Monday morning in Asia despite a rally in some Asian stocks. The kiwi slumped to a 5-day low against the US and Australian dollars.
In Asia, Japan’s Nikkei 225 index rose 1.2%, Australia’s main index climbed 0.2% and Hong Kong’s Hang Seng soared 0.3%.
However, the New Zealand stock market remains closed today in observance of the New Year’s holiday.
The New Zealand dollar fell to a 5-day low of 0.7199 against the US dollar by 8:40 pm ET, down 1.3 percent from Thursday’s 2-week high of 0.7294. The next downside target for the kiwi-buck pair is seen around the 0.709 level. As of now, the pair is worth 0.7207.
Against the Australian dollar, the New Zealand currency reached a 5-day low of 1.2453 by 10:05 pm ET. If the kiwi weakens further, support is likely to be seen around the 1.249 level. Currently, the pair is worth 1.2451.
The Australian Industry Group and PricewaterhouseCoopers announced today that the Australian Performance of Manufacturing Index stood at a seasonally adjusted 48.5 in December, down from 51.2 in November. A reading above 50 indicates expansion, while one below 50 suggests contraction.
The New Zealand dollar also drifted lower to 66.92 against the Japanese yen and 1.9852 versus the euro around 9:40 pm ET. On the downside, support levels are seen at 66.6 against the yen and 1.986 versus the euro in near-term. Currently, the euro-kiwi and the kiwi-yen pairs are trading at 1.9845 and 66.97, respectively.
From the euro-area, final numbers of Purchasing Manger Index data for December from the major euro-zone economies are expected to influence markets today in the upcoming European session. The Italian preliminary consumer price index for December is also due out in the session.
Turning to the US, the Institute of Supply Management is scheduled to release the results of its manufacturing survey at 10:00 AM ET. The manufacturing index is likely to show a reading of 54.5 for December.
The Commerce Department’s construction spending report to be released at 10:00 AM ET is expected to show a 0.5% decline in spending for November.
Atlanta Federal Reserve Bank President Dennis Lockhart moderates “The Government’s Response to the Financial Crisis: Evaluation and Next Steps” before the American Economic Association conference at 10:15 am ET.
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