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.
Through her psychic gift, Leslee is committed to aiding individuals become
aware of the spiritual proliferation within themselves.
I’m really impressed together with your writing skills
and also with the layout for your weblog. Is that this a
paid subject or did you modify it yourself? Anyway stay up the excellent quality writing, it’s uncommon to peer a great blog like this one today..
Soundscapes played out by means of an MP3 or CD player. Practicing yoga exercises or any other meditation techniques helps to a great extend in reducing stress and tension. Patients should implement for it and it truly is proposed that they already be below the consideration of a physician, however the grant is for $1500.
great points altogether, you just won a new reader. What may you recommend in regards to your submit that you simply made some days in the past? Any certain?
Spend a day with Ayurvedic teacher Richard La – Marita to learn about the oldest philosophy of health care based on prevention in the entire world. A stand up blender, similar to the kind that is used at malt shops, is easy to learn how to use, and can be useful for all sorts of different drinks. She knows which sequence of steps is the most efficient based on the planning.
You’re so interesting! I don’t believe I’ve truly read through anything like that before. So wonderful to find somebody with unique thoughts on this subject. Really.. thank you for starting this up. This site is one thing that is required on the web, someone with some originality!
I all the time used to study paragraph in news papers but now as I am a user of internet therefore from now I am
using net for articles or reviews, thanks to web.
Always follow your prescribed medications or suffer from the annoying noise. Some of these can be a contributing factor in the onset of tinnitus symptoms. The Tinnitus Miracle is accessible in PDF format and can be downloaded on both pc and on your Mac.
Below’s the bottom line, baseding on Mike Campbell, tax obligation companion at BDO UNITED STATE: If
you’re making use of something for company objectives,
you need to have the ability to subtract it.”. Many of the IRS standards are common sense.
Hello to every one, it’s really a good for me to pay a quick visit this
web page, it includes useful Information.