A POSITIVE investment decision outcome for the PNG liquefied natural gas (LNG) project may result in some positive impact on the kina.
The kina depreciated 0.4% against the US dollar in the interbank market late last week on strong demand for the greenback, which may remain steady in the near term in the coming months.
This week’s key risk as such the US retail sales, Australian GDP data and the Reserve Bank of Australia (RBA) monetary policy minutes would determine the direction of PGK crosses.
According to ANZ Weekly Market Report, the kina relatively gained some ground against the yen, euro and the British pound, but mildly depreciated against other major currencies.
There were mix results on the kina crosses last week on a surge in last month’s US employment figures and a surge in risk aversion following European sovereign credit outlook downgrades.