New Zealand Dollar Weakens Before NZ Jobs Report

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The New Zealand dollar fell against its major opponents in the European session on Tuesday, as a slew of mixed earnings from major European companies soured risk sentiment.

U.S.-China tensions also remained on investors’ radar after U.S. President Donald Trump said he will ban popular Chinese-owned video app TikTok in the United States unless a tech company such as Microsoft buys it.

China will not accept U.S. theft of TikTok, the China Daily newspaper said today.

In another development, the editor of a newspaper published by China’s ruling Communist Party’s People’s Daily said that Beijing would retaliate if all Chinese journalists based in the United States are forced to leave the country.

New Zealand jobs data is due tomorrow, which is expected to show a jump in unemployment in the June quarter.

The unemployment rate is expected to rise to 5.6 percent from 4.2 percent in the first quarter.

The number of jobs is expected to have declined by 2 percent, after a 0.7 percent rise in the prior quarter.

The kiwi dropped to more than 2-month lows of 1.7858 against the euro and 1.0811 against the aussie, from its early highs of 1.7760 and 1.0750, respectively. The kiwi is seen finding support around 1.82 against the euro and 1.10 against the aussie.

The kiwi edged down to 0.6597 against the greenback and 69.88 against the yen, after rising to 0.6625 and 70.30, respectively in early deals. The kiwi is likely to find support around 0.63 against the greenback and 68.00 against the yen.

Looking ahead, U.S. factory orders data for June is set for release in the New York session.


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