2008.12.3110:26:00UTC+00NZ dollar mixed against majors

In the early New York session on Wednesday, the New Zealand dollar showed mixed performance against its major opponents. The kiwi slipped to a weekly low against the US dollar but firmed up to a fresh multi-day high against the euro.

The New Zealand dollar edged down to a weekly low of 0.5739 against the US currency by 8:20 am ET. The kiwi-buck pair that closed yesterday's trading at 0.5783 is currently worth at 0.5774. If the kiwi falls down further, it may likely to find support near 0.566 level.

In economic news from the US, the Department of Labor report on initial jobless claims in the week ended December 27th revealed that jobless claims fell to 492,000 from the previous week's unrevised figure of 586,000. Economists had been expecting a more modest pullback from the twenty-six year high set in the previous week to about 550,000.

Meanwhile, the Mortgage Bankers Association revealed that its market index of mortgage application was basically unchanged for the week of December 26th. The week's results included an adjustment to account for the Christmas holiday. The Market Composite Index was 1245.7 compared to 1245.4 last week. On an unadjusted basis the Index slid 40 percent compared with the previous week and was up 155 percent on a year over year basis.

The New Zealand dollar also drifted lower against the Japanese yen during early New York trading on Wednesday. The kiwi fell as low as 51.98 against the yen by 8:20 am ET and is currently trading near yesterday's close of 52.22.

Against the common currency of Europe, the NZ dollar advanced to a 9-day high of 2.4048 by 9:00 am ET. This may be compared to Tuesday's closing value of 2.4310. The euro is presently trading at 2.4301 against the NZ dollar and if the kiwi ticks up further, it may find a target level of 2.37.

In economic news from the euro area, the number of unemployed persons in France rose 3.2% month-on-month in November, the Finance and Labor ministry reported early in the day. Year-on-year, the figure increased 8.5%. In November, the ministry said the number of persons seeking employment increased by 64,000 to 2,068,500.

Against its Tasman counterpart, the New Zealand dollar moved mostly sideways during early New York trading on Wednesday. The kiwi bounced between 1.1921 and 1.1991 most of the early New York session and is currently worth 1.1960. The pair closed yesterday's deals at 1.1968.

Crude oil plunged again on Wednesday. Light sweet crude fell to $37.83, down $1.20 on the day. Oil fell as low as $36.94 on the session. Energy investors are now likely to focus their attention on inventory report from the Department of Energy, which is due out at 10:35 am ET. Last week's report showed crude oil inventories decreased 3.1 million barrels in the week ended Dec. 19.

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