NZDUSD Back Above 0.6750 After US Consumer Sentiment Report - APAC Update

Xe Corporate APAC

April 14, 2019 3 min read

The AUDUSD opened at 0.7173 (mid-rate), and the NZDUSD opened at 0.6763 (mid-rate) this morning.

The AUD is the strongest performing of G10 currencies touching 0.7090 against the USD, its highest level since late February and breaking above 1.06 against the NZD for the first time since late January. The NZDUSD is back above 0.6750 with the USD slipping lower after the University of Michigan's preliminary consumer sentiment report showed the index fell 96.9 in April from the final March reading of 98.4. Economists had expected the index to edge down to 98.0.

The key domestic driver for the NZD ahead of the Easter break will be Wednesday’s quarterly inflation report. Current market consensus is for Q1 CPI to increase by 0.3% after inching up by 0.1% in Q4.

Risk appetite returned on Friday with optimism over US-China trade deal along with upbeat earnings reports from both JP Morgan Chase and Wells Fargo and easing worries over Brexit contributing too the positive mood.

Earlier in the day China's March trade surplus surged past expectations with exports for the month of coming in much higher and imports coming in much lower than expected, resulting in a 221B (vs exp 2.0B) surplus.

Global equity market closed out the week higher, - Dow +1.03%, S&P 500 +0.66%, FTSE +0.26%, DAX +0.54%, CAC +0.31%, Nikkei +0.73%, Shanghai -0.04%.

Gold prices slipped lower on Friday, down 0.3% closing out the week at $1,290 an ounce. WTI Crude Oil prices pushed higher on Friday, up 0.7%  closing at $64.02 a barrel.

Mid-market Rates

AUDUSD0.71730.7%NZDUSD0.67630.5%AUDEUR0.63460.3%NZDEUR0.59850.2%AUDGBP0.54840.6%NZDGBP0.51710.3%AUDJPY80.321.0%NZDJPY75.730.8%AUDNZD1.06010.2%NZDAUD0.9431-0.2%GBPAUD1.8235-0.5%NZDCAD0.90250.3% GBPNZD1.9339-0.3%
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