2016.10.0302:13:00UTC+00NZ Dollar Slides Against Majors

The New Zealand dollar weakened against the other major currencies in the Asian session on Monday, as traders remain nervous ahead of the latest GlobalDairyTrade auction due to take place on Tuesday night.

At the previous GlobalDairyTrade auction held on September 20, the average price for whole milk powder fell for the first time since July.

Traders also await the Reserve Bank of New Zealand Governor Graeme Wheeler's speech at the Northland Chamber of Commerce, in Whangarei, on Tuesday.

Meanwhile, Crude for November delivery is down 0.33 percent to $47.91 per barrel. The crude oil prices dropped due to oversupply, as the Organization of the Petroleum Exporting Countries or OPEC's rival members like Saudi Arabia, Iran, and Iraq are reluctant to agree an agreement of last week by exporters to follow through with supply quotas.

Last Friday, the NZ dollar showed mixed trading against its major rivals. While the kiwi rose against the euro and the Australian dollar, it fell against the U.S. dollar and the yen.

In the Asian trading, the NZ dollar fell to a 4-day low of 1.0545 against the Australian dollar, from Friday's closing value of 1.0501. The kiwi may test resistance near the 1.07 region.

Against the euro and the U.S. dollar, the kiwi dropped to 1.5481 and 0.7254 from last week's closing quotes of 1.5415 and 0.7283, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.60 against the euro, and 0.70 against the greenback.

The kiwi edged up to 73.77 against the yen, from an early low of 73.50. The kiwi may test resistance near the 75.00 region.

Looking ahead, Swiss retail sales data for August and PMI reports from major European economies for September are due to be released later in the day.

In the New York session, U.S. final manufacturing PMI for September, construction spending for August, U.S. ISM manufacturing PMI data for September, and Canada RBC manufacturing PMI for September are slated for release.

Chinese banks will be closed in observance of National Day holiday and German banks will be closed in observance of German Unity Day holiday.