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.
Somebody with psychometric capabilities has the ability to hold an item that is actually pretty old and also gain access to the emotions from the person who owned this. A vintage has concealed within, feelings, experiences, as well as the lifestyle pathway of the owner, a gifted reader will certainly manage to recognize the urgent of the individual.
For weeks she did this.
I have read so many posts regarding the blogger lovers however this post is truly a pleasant piece of writing, keep it up.
Yes! Finally something about data sgp totobet.
Being cooler than the house above it, the moisture can settle. As a consequence, the ceiling fan blades will move the hot air flow hovering nearby the roof and force it downwards in direction of the person below, specifically where it is wanted. Having a big soot stain on the carpet can be a real predicament, particularly if you have light colored carpets in your home.
Wow, amazing blog structure! How lengthy have you ever been blogging for? you make running a blog glance easy. The entire look of your website is great, let alone the content material!
Once you have made some inquiries and have a list of contractors, you will want to do a little research before you schedule the first interview. Overlooking basic details can prove to be time consuming and expensive. For example, installing insulation under the floor can see you saving as much as A�50 every year – and you could add another A�20 to that figure by filling in any gaps or cracks you spot.
The problem is that that is the type of thing that occurs. When you’re new to the arena, folks take advantage of the things you do not know. The bottom line is that optimizing your website takes time.
I think the admin of this web page is in fact working hard for his website, because here every information is quality based material.
I really feel sturdy – strong sufficient to beat my Big!