The New Zealand dollar lost ground against its major rivals on Tuesday morning in Asia as a slide in Asian stocks reduced demand for higher-yielding currencies.
Most Asian stocks opened weak today following a negative lead from Wall Street, where stocks declined sharply overnight amid doubts about the sustainability of economic recovery.
As of 10:30 pm ET, New Zealand’s NZX-50 was down 0.24%, Japan’s Nikkei Stock Average fell 2.48%, South Korea’s Kospi Composite declined 0.85%, Taiwan’s weighted average dropped 1.42%, Australia’s All ordinaries index slumped 0.47% and China’s Shanghai composite was down 0.33%.
In economic news, the number of permits for overall new housing construction in New Zealand increased in July by 3.1 percent, according to data released today by Statistics NZ.
With the volatile apartment category excluded, however, permits declined a seasonally adjusted 5.3 percent, compared to a 1.1 percent increase seen in June 2010.
The New Zealand dollar dropped to a 4-day low of 59.24 against the Japanese yen around 10:15 pm ET, compared to 59.85 hit late New York Monday. The kiwi-yen pair is presently worth 59.27 with 58.70 seen as the next likely support level.
The yen continued its recent rally as investors consider it as safe-haven in times of stock market slide. Japan’s better-than expected retail sales and industrial production figures for July also pushed the yen higher.
Japan’s Ministry of Finance reported today that its preliminary read on Industrial Production showed an increase of 0.3 percent in July, the first increase in three months. Economists had expected a 0.2 percent drop.
For the full year to July, Industrial Production was up 14.8 percent, up from 14.3% forecast by most economists.
At the same time, retail Sales in Japan increased in July by 0.7 percent compared to June, according to government data released today.
The Ministry of Finance also reported that for the full year to July 2010, retail sales increased 3.9 percent. Most economists forecast an on-month increase of 0.5 percent and an on-year increase of 3.5 percent.
The New Zealand dollar fell to a 5-day low of 0.7016 against the US dollar and a 4-day low of 1.8027 against the euro around 8:25 pm ET and both the pairs moved in a holding pattern thereafter.
The kiwi that closed Monday’s North American deals at 0.7072 against the greenback and 1.7917 versus the euro is presently quoted at 0.7034 and 1.7998, respectively.
Against the Australian dollar, the NZ currency plunged to a 13-day low of 1.2729 around 10:00 pm ET and a move below the 1.2740 support could set its weakest point in 4 months. The aussie-kiwi pair that closed yesterday’s deals at 1.2619 is presently quoted at 1.2718.
The Australian Bureau of Statistics said retail sales increased 0.7% compared to June to A$20.4 billion, compared to a revised 0.4% increase in the previous month. Economists had forecast another 0.4% rise.
At the same time, Australia’s current account balance recorded a deficit of A$5.6 billion at the end of the June quarter, down from a A$16.5 billion deficit in the March quarter, official figures showed today.
Looking ahead, Japan’s housing starts for July and small business confidence for August are expected at 1:00 am ET.
Italian business confidence, CPI, German unemployment rate and euro-zone CPI-all for August, Italian retail sales for June and unemployment rate for July are expected to garner market attention in the upcoming European session.
Turning to the U.S., the S&P/Case-Shiller home price for June, Chicago PMI for August and the US consumer confidence for August are slated for release in the North American session.
At 2:00 pm ET, the US Federal Open Market committee will release its latest monetary policy meeting minutes.
The American Red Cross has a storm preparedness quick
guide, plus a store where you can get all kind of great survival/preparedness
toys.
Hello would you mind stating which blog platform you’re
using? I’m planning to start my own blog soon but I’m having a difficult time making a decision between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your layout seems different then most blogs and I’m looking
for something completely unique. P.S My apologies for getting off-topic but I had to
ask!
Op deze manier krijg jij ook de kans om ons ‘leerproces’ te beoordelen en kan je zelf beslissen voordat je een pakket bij ons afneemt.
The Pro Blade’s sheath has been completely upgraded with a new black
as well as orange color scheme, as well as includes several
notable improvements, such as a longer firesteel that sits in an upright port, a carbide
draw through sharpener, as well as a new pocket on top of the sheath for the Priorities of Survival Pocket Guide.
continuously i used to read smaller articles which as well clear their motive, and that is also happening with this post which
I am reading at this time.
This is my first time pay a quick visit at here and i am really happy to read all at
one place.
In the timbers … Wild 1, provided in Garrison, NY presents the seven arrows of primitive
skill; shelter, water, fire, food, recognition, activity & monitoring.
I have a pal who kills with women and a quarter of his cds are selfies of him flaunting shades, him at
gym, laying on a sunlight lounger etc I believe its about balance undoubtedly if most your cd are lonesome selfies
that looks bad however if its a blend with you with other people and out doing things that cares
lol it actually shows you typically aren’t attempting to predict this I’m the felines pyjamas image.
Hey I know this is off topic but I was wondering if you
knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this
for quite some time and was hoping maybe you would
have some experience with something like this. Please let
me know if you run into anything. I truly enjoy reading your blog and I look forward
to your new updates.
I will immediately take hold of your rss feed as
I can’t find your e-mail subscription hyperlink or newsletter service.
Do you’ve any? Kindly allow me realize so that I could subscribe.
Thanks.
Wonderful goods from you, man. I’ve bear in mind your stuff previous to and you
are just too wonderful. I actually like what you have got here,
really like what you’re stating and the way during which you assert it.
You make it enjoyable and you still care for to keep it wise.
I cant wait to read far more from you. That is really a
tremendous web site.
The very early start to the 2013 typhoon season with tropical storm Andrea has lots of first responders,
businesses and also private citizens inspecting their typhoon prep works.
Good day! This is my first visit to your blog! We are a team of volunteers and
starting a new project in a community in the same niche.
Your blog provided us useful information to work on. You have done
a outstanding job!
Yes! Finally someone writes about fat burning.
The last action in developing a fundamental typhoon readiness
strategy is estimating the number of patients calling for evacuation as well as treatment, evaluating the useful degree and unique requirements of the client
population, and the resources offered to manage that population.
Thanks for sharing your thoughts about Forex News. Regards
. If you will certainly be staying with good friends, family members, or in a resort (don’t count on it, have a back up strategy even if you have actually made reservations in advance) withdraw sufficient cash for two weeks.
Business Templates – SCORE’s Theme Gallery offers a selection of helpful themes such
as company plans, forecasted balance sheets, loan apply for documents, cash
flow declarations, sales projecting kinds, and also a lot more all offered as either Excel, Microsoft Word or Adobe files.