New Zealand Dollar vs United States Dollar
0.00 (0.0%)
Name Symbol Market Type
New Zealand Dollar vs United States Dollar FX:NZDUSD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.0% 0.6259 0.6256 0.6262 0.6259 0.6259 0.6259 0 01:00:00

Australian, NZ Dollars Extend Fall On Recession Worries

19/01/2023 6:27am


NZD vs US Dollar (FX:NZDUSD)
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The Australian and NZ dollars extended decline against their major counterparts in the European session on Thursday, as disappointing U.S. data fuelled concerns about a recession in the aftermath of a tighter monetary policy.

Retail sales, producer prices and production at U.S. factories fell more than expected in December, rekindling concerns over the outlook for growth and corporate earnings.

Several Fed officials, including Loretta Mester and James Bullard, stressed the need for more interest rate hikes despite weak economic data.

Investors worry that more interest rate hikes to curb inflation could trigger a recession.

Oil prices fell as an industry data showed a build in U.S. crude inventories last week and weak economic data raised demand concerns.

The aussie depreciated to a 1-week low of 0.6878 against the greenback and a fresh 2-week low of 88.11 against the yen, down from its prior highs of 0.6948 and 89.45, respectively. The aussie may locate support around 0.66 against the greenback and 86.00 against the yen.

The aussie weakened to more than a 2-week low of 1.5706 against the euro and a 6-day low of 0.9294 against the loonie, off its early highs of 1.5532 and 0.9375, respectively. The next immediate support for the aussie is seen around 1.61 against the euro and 0.90 against the loonie.

The kiwi dropped to a 3-day low 81.85 against the yen and 2-day lows of 0.6384 against the greenback and 1.6955 against the euro, reversing from its early highs of 83.07, 0.6449 and 1.6734, respectively. The kiwi is seen finding support around 80.00 against the yen, 0.62 against the greenback and 1.73 against the euro.

The kiwi fell to 1.0796 against the aussie, from more than a 2-week high of 1.0737 seen in the previous session. On the downside, 1.09 is possibly seen as the next support level.

Looking ahead, at 7:30 am ET, the European Central Bank releases the accounts of the monetary policy meeting of the governing council held on December 14 and 15.

Canada wholesale sales for November, U.S. weekly jobless claims for the week ended January 14 and building permits and housing starts for December will be published in the New York session.

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