Currencies Traded Tight Ranges Friday with US Economic Releases Delivering Mixed Results to Market

Xe Corporate APAC

September 29, 2019 3 min read

The AUDUSD opens at 0.6761 (mid-rate) and the NZDUSD opens at 0.6295 (mid-rate) this morning.

Currencies traded tight ranges on Friday with US economic data releases delivering mixed results to the market.

The positives included better-than-expected durable goods orders and consumer sentiment while personal spending and the core PCE price index both disappointed.

According to the latest Commerce Department durable goods report orders increased by 0.2% in August after spiking 2.0% in July while core durable goods rose 0.5% in August after falling by 0.5% in July.

The University of Michigan consumer sentiment report for  September rallied to 93.2 after hitting a three-year low of 89.8 in August. The result was upwardly revised from the preliminary reading of 92.0.

Personal spending inched up by 0.1% (exp .03%) in August after climbing by 0.5% in July, while the PCE price index increased less than 0.1% in the month of August.

US China trade headlines are likely to drive direction in equity markets ahead of next week’s scheduled talks. A Bloomberg report on Friday said Trump administration officials are discussing ways to limit US investors' portfolio flows into China, which led to a minor sell-off in US equities. Equities had started on the front foot after an earlier report said negotiations were set to resume on October 10th in Washington.

The NZD will be dominated by this afternoon’s business confidence report during our trading day.

Tomorrow afternoon’s RBA rate statement will dominate direction for the AUD with the market currently pricing in an 75% chance the RBA will cut by 25 basis points.

Global equity markets closed mixed on Friday - Dow -0.26%, S&P 500 -0.53%, FTSE +1.02%, DAX +0.75%, CAC +0.36%, Nikkei -0.77%, Shanghai +0.11%.

Gold prices dipped 1.1% on Friday closing out the week at $1,496 an ounce. WTI Crude Oil prices were down 1.2% on Friday, closing out the week at $55.79 a barrel.

Upcoming Data Releases

  • Building Consents m/m - 08:45 AEST / 10:45 NZST

  • ANZ Business Confidence - 11:00 AEST / 13:00 NZST

  • CNY Manufacturing PMI - 12:00 AEST / 14:00 NZST

  • CNY Caixin Manufacturing PMI - 12:45 AEST / 14:45 NZST

Mid-Market Rates

AUDUSD0.67610.1%NZDUSD0.6295-0.1%AUDEUR0.6175-0.1%NZDEUR0.5754-0.3%AUDGBP0.54980.3%NZDGBP0.51220.2%AUDJPY72.950.1%NZDJPY67.94-0.1%AUDNZD1.07280.1%NZDAUD0.9312-0.2%GBPAUD1.8188-0.3%NZDCAD0.8337-0.3% GBPNZD1.9524-0.2%
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