Sunday , October 17 2021

NZ dollar heads for weekly earnings as investors pull back their weakness expectations



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The New Zealand dollar gains a weekly gain of 1.3 per cent against the US dollar, as traders have withdrawn their bets that the kiwi will fall further.

Kiwi was trading at $ 68.29 US in Wellington and at 68.23 US cents last night at 67.99 cents in Wellington. Last Friday it reached 67.37 cents. The trade weighted index was 74.52 yesterday from 74.60.

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The rigorous data from New Zealand, including the increase in manufacturing performance index for today's October, is the so-called & # 39; short & quot; Kiwi has led to the withdrawal of the dollar positions.

When positioning is short, it means that traders will sell in anticipation of a lower price and get back at a lower price.

Strong data led investors to lower expectations that New Zealand's central bank could move to lower interest rates and make kiviy more attractive.

Mark Johnson, a special client manager at the OMF, said that tomorrow's US Commodity Futures Commission data will determine whether these short positions continue to slack.

”The way the kiwi continues throughout this week implies that these short positions have returned,“ he said.

The Kiwi remained steadfast against the British pound as well as Brexit's uncertainties, as several ministers resigned, saying they could not support the plan. Late on Thursday, 52.26 pounds were traded on 53.33 British chips. It was 60.17 euro cents from 59.99 euro cents.

But at the end of the month, he said, this is the main focus of the G20 meeting, where US President Donald Trump and China's leading Xi Jinping will meet.

”As a result, both New Zealand and the Australian dollar can be important to determine the fate,“ he said. The NZ dollar was trading at 93.84 cents, 93.84 cents, on Thursday.

The New Zealand dollar was 4.6913 yuan from 4.7352 Chinese yuan and 76.97 yen from 77.35 yen.

The two-year exchange rate for New Zealand remained unchanged at 2.17 percent; The 10-year swaps were reduced by three base points to 3.01 percent.

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