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Week Ahead – Will the Bond Market Remain in a Holding Pattern?

Financial markets seem to be constantly recalibrating. The economic data is expected to be volatile and that should support the Fed’s patient stance on waiting for enough data to make a clear assessment over pricing pressures and the strength of the labor market recovery. Inflation expectations are weighing on sentiment,...

Dollar Down, Futures Pare Gain after Poor US Retail Sales

Dollar is under selling pressure against after rather poor retail sales data. US futures also pare back some earlier gains and look vulnerable. Yen is currently following the greenback as the second weakest, while commodity currencies are the strongest, together with Euro. The question now is, whether Dollar's decline...

Sentiment Further Stabilized as Focus Turns to US Retail Sales

The forex markets are steady in Asian session today as sentiment stabilized, following strong rebound in US stocks overnight. Dollar is currently the second strongest for the week, just next to Sterling. But no key level was taken out with the rebound in the last few days. The greenback...

New Zealand BusinessNZ PMI dropped to 58.3

New Zealand BusinessNZ PMI dropped to 58.3 in April, down from 63.6. Looking at some details, production dropped form 66.5 to 64.5. Employment dropped from 53.6 to 52.7. New orders dropped from 72.3 to 60.9. Finished stocks dropped from 55.4 to 55.2. Deliveries also dropped from 63.0 to 52.4. BNZ...

New Zealand Steadies After Slide

The New Zealand dollar is flat in Thursday trade. In the European session, NZD/USD is trading at 0.7157, up 0.02% on the day. New Zealand dollar plunges on inflation fears It was Black Wednesday for the New Zealand dollar, which plunged 1.57%, its worst one-day showing since Mach 23rd. The culprit...

Week Ahead – Dollar Declines after Massive Payrolls Miss; Focus Shifts to Inflation

Wall Street went on a wild ride after a huge nonfarm payroll report miss reaffirms the Fed’s stance to do nothing. A massive slowdown in hiring was not expected and the knee-jerk reaction across the bond market might have paved the way for further dollar weakness. The US economic...

Swiss Franc and Euro Rise in Mixed Market, Little Reaction to Jobless Claims and BoE

Swiss Franc and Euro jump in overall mixed markets. There were little reaction to better than expected job data from the US. BoE's slowing of asset purchases, and surprising voting prompted brief rally in the Pound, but there is no follow through momentum. Australian Dollar quickly pared back the...

New Zealand Dollar Flat

NZD/USD is directionless on Thursday. In the European session, NZD/USD is trading at 0.7212, down 0.03% on the day. China is in the spotlight, as relations with Australia and New Zealand seem to be souring by the day. New Zealand Prime Minister Jacinda Ardern had some stern comments about China...

Aussie Mildly Lower on Tensions with China, Sterling Steady ahead of BoE

Australian Dollar trades generally lower today, after China announced to "indefinitely" suspended all  activities under the China-Australia Strategic Economic Dialogue. But the spike on Aussie was relatively shallow and short-lived. Traders are quick to remember that the tariffs by China on some Aussie products didn't had much material impacts...

New Zealand ANZ business confidence rose to 7, inflation expectations surged

Preliminary reading of New Zealand ANZ business confidence improved to 7.0 in May, up from -2.0. Own activity outlook also rose to 32.3, up from 22.2. Export intentions rose to 14.9, from 9.1. Investment intentions rose to 20.8, from 17.1. Employment intentions rose to 22.1, from 16.4. Pricing intentions...

NZ Dollar Rebounds on Sharp Job Data

NZD/USD has posted strong gains on Wednesday. In the European session, NZD/USD is trading at 0.7196, down 88% on the day. New Zealand employment data outperforms The New Zealand dollar continues to show significant volatility this week. NZD/USD fell by 0.76% on Tuesday but has recovered these losses in the Wednesday...

Canadian Dollar Higher With Commodity Currencies, Euro Weakens

Commodity currencies continue to trade as the stronger ones entering into US session. In particular, Canadian is helped by extended rally in oil prices. New Zealand Dollar continues to receive support from better than expected job data. Overall sentiments are positive with European stocks staging a rebound, while US...

The US Dollar Wins Amongst FX Majors

Markets Don't be blinded by market talks that US Treasury Secretary Yellen triggered yesterday's risk sell-off. Most of the intraday harm had already been done ahead of her comment that “it may be that interest rates have to rise somewhat to make sure our economy doesn't overheat”. She later stressed...

Kiwi Rebounds on Strong Job Data, Dollar and Yen Soften

Trading continues to be relatively subdued in the forex markets. US Treasury Janet Yellen's comments prompted selloff in stocks overnight. But reactions in currencies were just mild, with most pairs and crosses range bound. Strong job data from New Zealand is giving the Kiwi a lift, while Aussie is...

New Zealand employment grew 0.6% in Q1, unemployment rate dropped to 4.7%

New Zealand employment grew 0.6% in Q1, above expectation of 0.3% qoq. Unemployment rate dropped to 4.7%, down from 4.9%, better than expectation of 4.9%. Labor force participation rate rose 0.1% to 70.4%. Labor cost index rose 0.4% qoq, above expectation of 0.3% qoq. "There have been some gains in...

Week Ahead – BoE and RBA Rate Decisions in Focus; US April NFP Report Could Show Over a Million Jobs Created

Everyone on Wall Street is trying to figure out if the peak in Treasury yields will stick for a while now that the US is approaching peak growth. The best expansion since World War 2 is being accompanied with a Fed that remains committed to supporting the economy until...

Week Ahead – RBA to Stand Pat but BoE Might Taper; Can a Bumper NFP Excite after Dovish Fed?

The central bank theme will continue over the next seven days with policy meetings by the Reserve Bank of Australia and Bank of England. The RBA will probably maintain some caution after weak inflation figures but there is some speculation the BoE could start to taper its asset purchases...

Yen Dives as Global Yields Surge, Dollar Recovers Mildly after Data

Yen's selloff is a dominant theme in the markets today as major global treasury yields strengthen. In particular, Germany 10-year bund year is back at around -0.18, above -0.2 handle. US 10-year yield is trading at 1.675 at the time of writing, with a take on 1.7 handle before...

New Zealand Dollar Jumps After FOMC Meet

The New Zealand dollar has steadied on Thursday after posting strong gains a day earlier. Currently, NZD/USD is trading at 0.7260, up 0.07% on the day. The pair has climbed 0.85% so far this week. New Zealand dollar heads higher The New Zealand dollar continues to gain ground against the struggling...

Dollar Selloff Resumes after Clearing FOMC Risk, Canadian Powers Up

Dollar's selloff resumed overnight after FOMC risk was cleared. Basically, Fed just reaffirmed it's stance that it's far from considering stimulus exits. Though, for the week so far, Yen is even weaker with strong rebound in global treasury yields. Euro is no far, follow Dollar as third weakest so...

New Zealand ANZ business confidence rose to -2 in Apr, a pretty inflationary soup cooking

New Zealand ANZ Business Confidence rose to -2.0 in April, up from March's -4.1, much better than preliminary reading of -8.4. Own Activity Outlook rose to 22.2, up from 16.6, versus prelim 16.4. Exports intentions rose to 9.1, up from 4.5. Investment intentions rose to 17.1, up from 11.9....

New Zealand goods exports dropped -2.3% yoy, imports rose 11.0% yoy in March

New Zealand goods exports dropped -2.3% yoy to NZD 5.7B in March. Imports rose 11.0% yoy to NZD 5.6B. Trade surplus narrowed to NZD 33m, down from NZD 201m, matched expectations. Exports to China was up NZD 423m to NZD 1.8B. But exports to all other top trading partners were...

Week Ahead – Fed to Stay the Course, Huge Earnings Week for Big-Tech, and OPEC+ Meets

Wall Street could see more volatility during a very busy trading week that is filled with a wrath of central bank decisions, surging international COVID-19 cases, solid economic data, effects of stimulus working its way through the economy, and pent-up consumer demand. Financial markets are edge, especially considering how...

Cliff Notes: Policy Design and Implementation Critical to Recovery

Key insights from the week that was. This week’s key release for Australia was the minutes of the March RBA Board meeting. Clearly the RBA remains committed to QE for as long as purchases “will assist with progress towards the goals of full employment and inflation”. The Board is also...

Asian Open: Hawkish BOC Propels CAD, Wall Street Reverses Course

The Canadian dollar was the strongest major overnight with a more hawkish-than-expected meeting. Asian Futures: Australia's ASX 200 futures are up 37 points (0.53%), the cash market is currently estimated to open at 7,034.50 Japan's Nikkei 225 futures are up 330 points (1.16%), the cash market is currently estimated to...

Dollar and Yen Fail to Extend Rebound in Mixed Markets

The financial markets are trading in mixed mode today. European stock indices are mixed while US futures point to slightly lower open. Sentiments are slightly on the risk-off side on coronavirus concerns, but selloff is so far relatively shallow. There is also no clear momentum for Yen and Dollar...

Yen Rebounds as Risk Markets Correct, Canadian Dollar Weak Ahead of BoC

Yen rebounds notably overnight, following the pull back in stocks. Market sentiment was weighed down by renewed concerns over coronavirus infections, which also dragged down oil prices. Dollar also followed and recovered. On the other hand, commodity currencies reversed their earlier gains. Overall, Yen is currently the strongest for...

New Zealand CPI rose 0.8% qoq, 1.5% yoy in Q1

New Zealand CPI rose 0.8% qoq in Q1, matched expectations. Annually, CPI accelerated to 1.5% yoy, up from 1.4% yoy. Looking at some details, the rises in prices were led by transport, which rose 3.9% qoq, biggest quarterly rise in over a decade. Rent prices rose 1.0% qoq, biggest...

New Zealand Dollar Rallies above 72, CPI Next

The New Zealand dollar has posted strong gains for a second straight day. Currently, NZD/USD is trading at 0.7213, up 0.55% on the day. The pair has climbed 0.98% so far this week. New Zealand dollar shines For anyone in search of some volatility, look no further than the New Zealand...

Week Ahead: Bank of Canada to Reduce Purchases; Global Economic Recovery to Pickup

The global economic recovery is gaining momentum as the world’s two largest economies continue to deliver robust economic readings. China’s economy grew 18.3% in the first quarter, a record rate that sets the example of what we can expect as the rest of the world recovers from COVID-19. The...