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NZ Dollar Weakens In Cautious Trade


The NZ dollar fell against its major counterparts in the Asian session on Friday, as traders weighed economic threats from the Federal Reserve’s aggressive tightening of monetary policy and attacks on Ukraine.

U.S. nonfarm payrolls data is due later today, with economists expecting an increase of 490,000 jobs in March following a gain of 678,000 jobs in the previous month. The unemployment rate is expected to fall to 3.7 percent from 3.8 percent.

Overnight data showed that the Federal Reserve’s preferred measure of core inflation jumped to 5.4 percent on year, its highest level in nearly 40 years.

Peace talks between Russia and Ukraine will resume via online today, even as attacks continued on the outskirts of Kyiv and other cities.

Russian President Vladimir Putin has set April 1 as deadline for gas payments in roubles from “unfriendly countries” and threatened to halt supplies if the buyer failed to fulfill the new conditions.

Germany rejected the demand and said that the country was prepared for all scenarios, including a cessation of supplies to Europe.

The kiwi declined to a 3-day low of 0.6910 against the greenback and a 2-day low of 1.0824 against the aussie, off its early highs of 0.6942 and 1.0780, respectively. The kiwi is seen finding support around 0.66 against the greenback and 1.10 against the aussie.

The kiwi edged down to 1.6019 against the euro, after rising to a 2-day high of 1.5940 earlier in the session. On the downside, 1.10 is possibly seen as its next support level.

In contrast, the kiwi held steady against the yen, after having risen to 84.98 at 11:30 pm ET. The pair had closed yesterday’s deals at 84.33.

Looking ahead, Eurozone CPI for March and PMI reports from major European economies are due in the European session.

U.S. jobs data and ISM manufacturing PMI for March and construction spending for February are set for release in the New York session.

*Poland Mar Inflation 10.9% Vs. 8.5% In February

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