March 31, 2019 — 3 min read
The AUDUSD opens higher at 0.7118, and the NZDUSD opens higher at 0.6829 this morning.
RBNZ Governor Adrian Orr welcomed the weaker NZD during a speech on Friday, after he surprised the market earlier in the week by announcing an interest rate easing bias. The next RBNZ OCR meeting is 8th May and where some forecasters are picking rates could be cut by 0.25%.
The USD eased Friday night, dragging the NZDUSD higher, on tepid US economic data.The USD dipped on weaker-than-expected US inflation data, disappointing personal spending and income figures, and weak manufacturing numbers – adding to fears the US economy is looking steam. However, it wasn’t all bad with consumer sentiment and new homes sales data beating forecasts.
Chinese manufacturing data (50.5 vs 49.2), released Sunday, exceed analysts’ forecasts, with the manufacturing PMI (purchasing managers’ index) posting its biggest increase since 2012. This is a signal the world’s second-largest economy is stabilising anda positive sign for the global economy and commodity exporters such as NZ & Australia and their currencies.
Brexit drama continues unabated and the GBP plunged lower after UK lawmakers rejected Prime Minister Theresa May’s breakup deal for a 3rd time. The Brexit uncertainty is weighing on the GBP and British economy.
Global equity markets were higher on the day, with the Shanghai Composite index being the standout performer screaming 3.2% higher - Dow +0.8%, S&P 500 +0.7%, FTSE +0.6%, DAX +0.9%, CAC +1.0%, Nikkei +0.8%, Shanghai +3.2%. Gold prices were little changed at USD$1,291 an ounce as the USD rallied. WTI Crude Oil prices surged 1.7% to US$60.22 per barrel.
Get in touch with us for more information or pricing.
Would you like daily international currency market news and insights delivered to directly to your inbox? Sign up to our country-specific updates below, and please browse the rest of our blog for more insights from XE offices around the globe.
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.
While we take reasonable care to keep the information on the website accurate and up to date, there may be occasions when this is not possible. Case Studies and articles are not intended to predict future moves in exchange rates or constitute advice.
XE makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources. If you are in any doubt as to the suitability of any foreign exchange product that you are intending to purchase from XE, we recommend that you seek independent financial advice first.
For more information about XE, please click here: Regulatory Information