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The New Zealand dollar slipped against its major counterparts on Thursday

2018-08-09 11:04 am | Resource: NEWS | No Views : 90

The New Zealand dollar weakened after the Reserve Bank of New Zealand held its fixed exchange rate

The New Zealand dollar slipped against its major counterparts in the Asian session on Thursday as the Reserve Bank of New Zealand maintained its official monetary rate at a record low of 1.75% and indicated that it would continue its expansionist policy stance for a long time.

The decision was in line with expectations after a 0.25% cut in November 2016.

The central bank has cut 0.50 per cent of the benchmark in the last 18 months, reducing the rate in six of the last 18 meetings after six consecutive sessions without any change.

Reserve Bank of New Zealand Governor Adrian Orr said global economic growth is expected to continue to support domestic demand.

The kiwi dropped to 1.7440 against the euro, a level not seen since November 2017. Kiwi is likely to challenge the support level around the 1.77 level.

The kiwi dropped to a 9-month low of 1.1174 against the Australian dollar, from a high of 1.1011 at 5:00 Eastern Time. If the kiwi drops further, 1.13 is likely to be seen as the next support level.

Kiwi weakened to a two-and-a-half year low of 0.6652 against the US dollar, reversing from a high of 0.6747 at 5:00 pm Eastern Time. On the downside, 0.65 is likely to be seen as the next support level for the kiwi.

The kiwi fell to 73.86 against the yen, heading towards a 21 month low at 73.82 at 9:15 pm Eastern Time. The upcoming support for the pair is seen around 72.5.

Bank of Japan data showed that Japanese M2 shares rose 3.0% yoy in July to 1,007.5 trillion yen.

That was shy of expectations of an increase of 3.1%, which is unchanged from the June reading.

Looking ahead, at 8:15 pm Eastern Time, Canadian housing is set for July for release.

In New York session, Canadian New Home Price Index for June, US Weekly Jobless Claims for the week ending August 4th, July Product Price Index and June Wholesale Inventories.


Other analysis

USD/JPY Technical analysis 10 December 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY reached to the support level of112.29 to bounce back to the 112.92 level  as the USDJPY faced resistance and selling pressure around this level, forming a lower high to retreat to the 112.64 level, trying to stability above this level , As the USDJPY moves into a bearish channel and…

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