Wednesday, March 28, 2012

Aussie, NZ dollar outlook march 29 2012

Aussie, NZ dollar outlook march 29 2012 ; The Australian and New Zealand dollars slipped against their major counterparts in the early Asian session on Thursday as investors sold high yielding assets amid a decline in regional stocks.

Most Asian stocks fell following a weak data on U.S. durable goods orders, which coupled with a downward revision to fourth quarter gross domestic product in the U.K.

The aussie declined to a 6-day low of 85.51 against the yen and a 1-week low of 1.0343 against the greenback, compared to yesterday's close of 86.15 and 1.0391, respectively. The next downside target level for the aussie is seen at 84.5 against the yen and 1.03 against the greenback.

Retail sales in Japan climbed a seasonally adjusted 2.0 percent in February compared to the previous month, the Ministry of Economy, Trade and Industry said, coming in at 10.773 trillion yen. That beat forecasts for a flat reading following the 3.1 percent increase in January.

Against the NZ dollar, the aussie reached a new 5-1/2-month low of 1.2678 from Wednesday's close of 1.2724. If the aussie falls further, it may target 1.26 level.

The aussie that closed yesterday's deals at 1.0375 against the Canadian dollar dropped to 1.0333. On the downside, 1.025 is seen as the next target level for the aussie-loonie pair.

Against the euro, the aussie declined to a new 3-month low of 1.2877, compared to yesterday's close of 1.2823. If the aussie weakens further, it may likely target the 1.30 level.

Meanwhile, the NZ dollar edged down to 0.8155 against the greenback and 67.43 against the yen with 0.80 and 66.00 seen as the next downside target levels, respectively. At yesterday's close, the kiwi was worth 0.8170 against the greenback and 67.74 against the yen.

Business confidence in New Zealand improved in March, data from a survey by the National Bank of New Zealand showed today.

The National Bank of New Zealand's business outlook survey showed a net 33.8 percent of respondents expect conditions to improve over the next 12 months, compared with a net 28.0 percent that had expected an improvement in the previous survey in February.

Against the European currency, the kiwi hit a 1-week low of 1.6339, compared to Wednesday's closing value of 1.6310. If the kiwi slides further, it may target the 1.64 level.

U.K. nationwide house prices and German unemployment data for March, U.K. mortgage approvals for February and Eurozone economic confidence index for March are set for release in the European session.

The U.S. final fourth quarter GDP, weekly jobless claims for the week ended March 24 and Canada's industrial product price index for February are due in the New York morning session.

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