APAC Morning Update - 11/02/21

Xe Corporate APAC

February 11, 20212 min read

AUDUSD opens at 0.7725 and the NZDUSD at 0.7214 

Not much to report overnight, and currency movements have been small on the home front.

US CPI data helped US rates lower, and global equities also came off slightly after a week of increases.

Traditionally viewed as a safe haven, the USD has sunk against major pairs as optimism over monetary and fiscal support, robust corporate earnings and coronavirus vaccines bolstered risk sentiment.
 
RBA:

The tone of the RBA has been to openly promote an unchanged policy rate of at least three years, so the big mover for the  Australian dollar will continue to be from offshore influences such as commodity purchasing, and USD weakness, which has been in play since the stimulus packages in the US have been in place.

RBNZ:

Governor Orr’s opening speech to Parliament’s finance committee yesterday noted that although the recovery is now underway from the Covid-19 pandemic, it will still be a lengthy and difficult process. Let's see if this is a glimpse into the RBNZ’s policy tone for later in the month.
 
The next break:

The currency markets are awaiting the next break up or down, and we remain in this current range for now.

Global equity markets are mixed: Dow +0.28%, S&P 500 +0.08%, FTSE -0.11%, DAX -0.56%, CAC -0.36%, Nikkei +0.19%, Shanghai +1.43%.

Gold prices are up 0.3%, currently trading at $1,841 an ounce. WTI Crude Oil prices are also up 0.7% trading at $58.61 a barrel.

NZDUSD 0.7214 -0.3%
NZDEUR 0.5947 -0.5%
NZDGBP 0.5211 -0.6%
NZDJPY 75.47 -0.3%
NZDAUD 0.9333 -0.3%
NZDCAD 0.9155 -0.4%
GBPNZD 1.9183 0.6%

AUDUSD 0.7725 0.0%
AUDEUR 0.6369 -0.2%
AUDGBP 0.5582 -0.3%
AUDJPY 80.84 0.0%
AUDNZD 1.0711 0.3%
GBPAUD 1.7908 0.3%