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Euro Strengthens on CPI Surprise, Yen Extends Post BoJ Selloff

Euro emerges as a strong one today after a number of volatility triggering events. Upside surprise in Eurozone inflation is a key factor lifting the common currency higher. Australian Dollar is also strong, competing with Euro for the biggest gainer today. Meanwhile, stronger than expected GDP data lifted Canadian...

Kiwi At Risk From New Zealand’s Employment Data

New Zealand will be on the receiving end of employment and wage growth data for Q2 during the Asian trading session on Wednesday (Tuesday 2245 GMT). Economists' forecasts suggest the nation's labor market remained strong, and wage pressures picked up some steam. That said, survey-based gauges of employment were...

Yen Spikes Lower after BoJ, But No Follow Through Selling Yet

Yen spikes lower broadly after BoJ announced to strengthen the framework for continuous powerful easing. But at this point, there is no follow through selling seen yet. Instead, of raising the target on 10 year JGB yields, BoJ simply allow flexibility to move it in move directions of up...

New Zealand ANZ business confidence dropped to 10 year low, economy feels increasingly late in the cycle

New Zealand ANZ business confidence index dropped to -45 in July, down -5 pts. That's the lowest level since May 2008. Own activity index dropped -5 pts to 4, lowest since May 2009. Sub-indicators were weak across the board, and retail is the least confident sector. ANZ noted in the release...

Australia & New Zealand Weekly: Falling Electricity Prices is a Game Changer for Australian Inflation

Week beginning 30 July 2018 Falling electricity prices is a game changer for Australian inflation. Australia: dwelling approvals, trade balance, retail sales, private credit, CoreLogic home value index. NZ: employment, wages, building consents, business confidence. China: NBS and Caixin PMIs. Europe: CPI, employment, GDP. US: FOMC policy decision, payrolls,...

Week Ahead – BoJ, Fed, BoE Policy Decisions Awaited; Eurozone GDP and US Jobs Report also in Focus

It’s going to be a big week for central banks as the Federal Reserve, the Bank of Japan and the Bank of England hold policy meetings in the next seven days. Economic data will also be at the forefront with plenty of major releases, including the US jobs report...

Dollar and Euro Soft With Master of Deal vs Brutal Killer on the Card

Dollar and Euro are trading generally lower today, except versus Australian Dollar. The meeting between Donald "master of deal" Trump and Jean-Claude "the brutal killer" Juncker is closely watched. But it's highly unlikely to yield any results on trade. Trump's recent threat on tariffs on all Chinese products, the...

Daily Report: Euro and Dollar Mixed ahead of the Juncker-Trump Meeting

Sterling appears to be lifted by the news that UK Prime Minister Theresa May has taken over Brexit negotiation. That raised the chance of some speedier conclusions as well as more unified position, as least in front of the EU. The pound is trading as the strongest one for...

Australian dollar lower after CPI miss, NZD down on trade deficit

Both Australian Dollar and New Zealand Dollar are trading lower today after release of economic data. Australia CPI rose 0.4% qoq, 2.1% yoy in Q2. The annual rate accelerated from Q1's 1.9% yoy but missed expectation of 2.2% yoy. RBA trimmed mean CPI was unchanged at 1.9%, inline with expectation....

Week Ahead – US GDP Growth Expected To Surge In Q2, ECB Meets – Can It Bring Relief To Sliding Euro?

The preliminary estimate of US GDP growth for the second quarter and the latest monetary policy meeting by the European Central Bank will be the most keenly awaited events of the next seven days. While there should be plenty of headlines from these two risk events, the remainder of...

Australia & New Zealand Weekly: Our RBA Forecast Remains on Track; FED No Lnger Likely to Pause in December

Week beginning 23 July 2018 Our RBA forecast remains on track; FED no longer likely to pause in December. Australia: CPI, PPI, trade prices. NZ: trade balance. China: industrial profits. Europe: ECB policy decision, credit data. US: GDP, durable goods orders. Flash PMIs for Japan, Europe and the US. ...

Dollar Rebounds as Markets Await Powell, But Swiss Franc and Kiwi Outperform

Dollar is regaining some ground as markets await Fed chair Jerome Powell's Congressional Testimony. But still, New Zealand Dollar is the strongest one today as lifted by inflation data. Swiss Franc trades as the second strongest as European indices are trading broadly in red. There are also speculations that...

Kiwi Surges On Inflation

NZD better bid as core inflation rises The New Zealand dollar surged unexpectedly on Tuesday morning with NZD/USD hitting $0.6841, the highest level since July 7th. However, the day had badly start for the Kiwi as headline inflation, which was released a few hours earlier, came in below expectation, printing...

Dollar Pulls Back Ahead Of Powell’s Testimony, UK Jobs Data In Focus

Here are the latest developments in global markets: FOREX: The US dollar index is lower by 0.14% on Tuesday, ahead of a testimony by Fed Chairman Jerome Powell before the US Senate at 1400 GMT. Elsewhere, kiwi/dollar is up by 0.77%, following encouraging core inflation data out of New Zealand...

New Zealand Dollar Jumps on RBNZ Inflation Reading, Australian Dollar Higher on RBA Minutes

Commodity currencies trade generally higher today. New Zealand Dollar leads the way following improvement in RBNZ's own preferred core inflation measures. Australian Dollar is also firm after RBA reaffirmed that the next move is likely a hike rather than a cut. Yen continues to trade as the weakest one...

New Zealand Dollar jumps as RBNZ sectoral factor model CPI improved

New Zealand CPI rose 0.4% qoq, 1.5% yoy in Q2, accelerated from Q1's 0.5% qoq and 1.1% yoy. The headline number missed expectations of 0.5% qoq, 1.6% yoy. However New Zealand Dollar later reacts to RBNZ's own prices data. Most notably, the sectoral factor model CPI rose to 1.7%...

Kiwi Looks to Inflation Figures for Much-Needed Support

New Zealand will see the release of its quarterly inflation data for Q2 on Monday, at 2245 GMT. Consensus expectations are for a solid rebound in the CPI rate, which although may be owed largely to energy effects, would still be slightly higher than what the RBNZ projected in...

New Zealand Inflation Expected To Remain Steady

The U.S. dollar was seen posting gains on Friday as price action remained strong toward the close of the week. The economic data was quiet for the most part. Switzerland's PPI figures released earlier in the day showed a 0.2% increase on the month as expected. The U.S. import prices...

Week Ahead – China GDP Eyed amid Escalating Trade Row; Inflation Data to Dominate

China will publish second quarter growth figures next week, putting the focus on China’s economy which has been under attack by the Trump administration. Inflation numbers from Canada, Japan, New Zealand and the United Kingdom will also come under the spotlight, as well as employment reports out of Australia...

Australia & New Zealand Weekly: Non-Mining Infrastructure Upswing Has Considerable Further Upside …

Week beginning 16 July 2018 Non-mining infrastructure upswing has considerable further upside. Australia: Westpac-MI Leading Index, RBA minutes, employment. NZ: CPI, REINZ house sales & prices. China: GDP. US: Fed Chair Powell's semi-annual testimony to congress, retail sales. Key economic & financial forecasts. Information contained in this report current as...

Dollar Retreats Mildly after Import Price Miss, Still Set to Close the Week as Strongest

Dollar is set to close as the strongest one for the week, after today's rally. Some setback is seen after import price index miss but the retreat is so far shallow. Yen is trading as one of the strongest alongside Dollar. But that's mainly because it's digesting some of...

Dollar Regaining Momentum While Risk Appetite Stays Strong, NASDAQ Hit Record High

The markets are rather calm today as supported by relatively positive investor sentiments. NASDAQ surged to new record high at 7825.67 before having a strong close at 7823.92, up 1.39%. DOW ended up 0.91% at 24924.89 while S&P 500 rose 0.87% to 2798.29. In Asia, Nikkei is having a...

New Zealand BusinessNZ PMI dropped to 52.8 and production dipped again

New Zealand BusinessNZ Performance of Manufacturing Index dropped to 52.8 in June, down from 54.4. BusinessNZ's executive director for manufacturing Catherine Beard said that the slow-down in expansion was mainly due to ongoing drops in a key sub-index. "Production (51.8) experienced another decrease in expansion levels for June, which meant...

Australia & New Zealand Weekly: Falling Power Bills & Moderating Housing Costs are Holding Back Inflation

Week beginning 9 July 2018 Falling power bills & moderating housing costs are holding back inflation. Australia: Westpac-MI consumer sentiment, housing finance, NAB business survey. NZ: retail card spending, REINZ house prices. China: CPI, trade balance, credit data. Europe: Sentix investor confidence. US: CPI, Monetary Policy Report to Congress. ...

How Have Major Currencies Fared So Far in 2018, and What Lies ahead?

Following the completion of the second quarter of the year, the dollar is standing higher against most of its major peers, drawing support from a more hawkish Fed and a US economy firing on all cylinders. Below, we outline how some of the most widely-traded currency pairs have performed...

Dollar Index Gives Up Gains; Euro, Pound Up

Here are the latest developments in global markets: FOREX: Ahead of the Independence Day celebration in the US on Wednesday and the FOMC meeting minutes on Thursday, dollar/yen paused at 110.87 (-0.01%) early in the European session, while the dollar index which gauges the greenback’s strength against a basket of...

Dollar Regains Ground as Markets Prepare for an Eventful Week

Dollar strengthens broadly in Asian session, followed by New Zealand Dollar and Japanese yen. On the other hand, Australian Dollar is the weakest, followed by Canadian Dollar and the Euro. But after all, major pairs and crosses are bounded in Friday's range. Movements are so far very limited. Weakness...

New Zealand Treasury: Consumption and business confidence pose downside risks to growth

New Zealand Treasury's Monthly Economic Data report noted that the 0.5% real GDP growth in Q1 was below the forecast set in the Budget Economic and Fiscal Update (BEFU). Terms of trade fell by -6.7% due to  a slight fall in export prices and an increase in import prices, contributing...

NZD/CAD Drops On Dovish RBNZ And Crude Oil Upsurge

The New Zealand dollar slumped overnight on the back of a dovish Reserve Bank of New Zealand. While interest rates were kept unchanged as expected, the kiwi fell sharply after the RBNZ said in its policy statement that it expects to keep rates low for "a considerable period of...

Sterling Downside Breakout Against Dollar and Euro, Risk Aversion Stays

Risk aversion continue to be a main theme in the markets, ahead of quarter end. At the time of writing, major European indices are trading in red. DAX leads again by losing -1.27%, CAC down -0.76% and FTSE down -0.44%. DOW futures also point to more losses. Oil prices...