Sunday , October 2 2022

The NZ dollar is weak on difficult domestic trade data


New Zealand's dollar is somewhat weaker against the greenback after losing domestic trade data and after US President Donald Trump dampened the hopes of an early settlement of the US-China trade event.

Kiwi was at 67.64 US cents by 5 pm from 67.84 US cents at 8 am and late yesterday. The trade-weighted index was 73.96 from 74.10.

See live prices for NZ-US $ below. Click for more information:NzForex Currency Exchange

The risk appetite declined after Trump, days before a summit with China's leader, told the Wall Street Journal that he expects to move on and increase the rate of 200 billion kronor of Chinese goods to 25 percent, which calls "highly unlikely" that he would accept Beijing to keep moving.

Domestic missing kiwi any land after Statistics New Zealand said the trade deficit in October was 1.3 dollars. Economists surveyed by Bloomberg had expected a $ 850 million deficit. The annual deficit was $ 5.88 compared with an expected $ 5.1 billion. It was the largest annual deficit since October 2007.

According to Imre Speizer, Westpac Banking Corp., head of New Zealand's strategy, "We have had a few lukewarm numbers, and the market has been a bit surprised," said Imre Speizer, CEO of Westpac Banking Corp.. .

In the future, investors are expected to speak from US Clarence Vice President Richard Clarida later on Global Trade Day and one from Fed Chairman Jerome Powell on Wednesday to give clues about the Central Bank's 2019 hiking cycle.

If they indicate any caution "that may withdraw the US dollar," said Speizer.

He said that there will also be interest in tomorrow's stability report on financial stability in the bank, where it is expected to consider reducing the risk of higher risk mortgages.

Kiwi traded at 59.68 euro cents from 59.82 cents yesterday, at 52.80 British pence from 52.94 pence yesterday and 76.76 yen from 76.80 yen.

The local currency was 93.62 Australian cents from 93.66 cents yesterday and decreased to 4 6974 Chinese yuan from 4.7119 yuan.

New Zealand's two-year exchange rate fell 2 points to 2.09 percent; The 10-year swaps were down 1 point at 2.93 percent.

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