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.
I am really thankful to the holder of this web site
who has shared this fantastic post at at this time.
Hi there mates, good post and fastidious urging commented here, I am actually enjoying by these.
Your style is really unique compared to other people I’ve read stuff from. Thank you for posting when you’ve got the opportunity, Guess I will just book mark this blog.
Quality articles is the crucial to interest the users to go
to see the web site, that’s what this website is providing.
Wow, marvelous blog format! How lengthy have you been blogging for?
you made blogging look easy. The total glance of your
site is wonderful, let alone the content!
Tinnitus comes in some different forms and can start as early as birth. The paper, ‘Alterations of the emotional processing system may underlie preserved rapid reaction time in tinnitus,’ published online since June 3, 2014 in the journal Brain Research is available online or from the University of Illinois News Bureau. That in essence is why it is essential users of such machinery wear protection suitable to the noisy conditions.
According to the University of California Tiny Farm System, fruits and
vegetables should be planted at least ten feet from a septic program or leach field to keep away from bacterial contamination.
I think the admin of this site is really working hard
in support of his web page, as here every material
is quality based stuff.
Thanks in favor of sharing such a good thinking, article is nice, thats why i have read it entirely
We intend to discuss about fibroids in the following paragraphs
and if you happen to be scanning this article then you will know all of the factor of this disease.
A high level00 woman in that case this article is exclusively made for you.
You are going to find out about the natural
fibroids treatment. Exactly what are the main signs and symptoms of fibroids?
The main triggers of fibroids and exactly how an individual
deal better with fibroids?
Fibroids as we find out only develop by the woman through the productive years.
Fibroids is known as a benign tumor which occurs in or perhaps around the
wall of uterus (Womb). This is usually sort of non-cancerous tumour which in turn usually doesn’t cause virtually any
signs and symptoms. This is certainly an exceptionally common tumor all
over the world as more than 170 million persons battling from this.
There are plenty of girl suffering from fibroids rarely know that
they have got fibroids. To become alarmed for any
kind of sorts of treatment in the event you are not felling any symptoms because this kind
of tumour automatically shrink simply by the passing time.
Nevertheless for the precaution you can earn the natural fibroids treatment because there are zero chance of having the part effects.
If we speak about the reasons that may lead the fibroids,
we locate that the actual factors behind fibroids are still in the dark and no-one knows the
actual triggers of fibroids. However, we could
name some reasons which may bring about cause the
fibroids. Some sources believe fibroids run in families this means
if you are battling from fibroids the probabilities
are you may inherit the fibroids in your daughter.
A lot of sources claim that unhealthy weight could possibly be the reason of fibroids.