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Forex - NZD/USD falls modestly on weak risk appetite

Published 04/17/2013, 09:52 PM
Updated 04/17/2013, 10:01 PM
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Investing.com – The New Zealand dollar fell against its U.S. counterpart during Thursday’s Asian session as traders took a pass on some of the riskier currencies.

In Asian trading Thursday, NZD/USD inched lower by 0.05% to 0.8437 after earlier trading as high as 0.8454 and as low as 0.8422. The pair was likely to find support at 0.8378, the low of April 15 and resistance at 0.8510, Tuesday's high.

Following another rough day for U.S. stocks on Wednesday, including the second triple-digit loss in three days for the Dow Jones Industrial Average, traders appeared to be limiting risk appetite in Asia Thursday.

Earlier Thursday, Real Estate Institute of New Zealand data showed the median price per hectare for rural land rose 11.3% to NZD22,317 per hectare in March from March 2012. The March reading was a 1.7% increase from February. Farm sales slightly eased.

On Wednesday, official data showed that New Zealand's consumer price inflation rose 0.4% in the first quarter, in line with expectations, after a 0.2% decline in the previous quarter.

EUR/NZD nudged up 0.06% to 1.5454 after after European Central Bank after ECB Governing Council member Jens Weidmann said the bank could cut interest rates if economic and inflation data indicated that it was warranted.

The International Monetary Fund recently said the the ECB should take steps, perhaps including an interest rate cut, to bolster the flailing euro zone economy.

NZD/JPY fell 0.21% to 82.67 after Japan’s Ministry of Finance said the country’s exports rose 1.1% last month, easily topping the 0.4% increase forecast by economists. Japanese exports dropped 2.9% in February. For the fiscal year ending in March, Japan showed a trade deficit of JPY8.17 trillion.


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