XE Morning Update - 2/02/21

Xe Corporate APAC

February 2, 20212 min read

NZDUSD opened at 0.7160 while the AUDUSD opened at 0.7642

The NZD had a look at 0.7200 and the AUD came off slightly overnight, before being sold off again with USD buying coming into play.

There is a view that the U.S has an advantage in growing its economy faster than the rest of he world, which suggests the USD may be more resilient in the near term because both growth and vaccination favour the US.
69 countries have now started their vaccination programmes globally, but the tide still has not turned on controlling COVID.

New Export orders are a feature of the US factory PMI data out for January with lower expansion locally , but the international reporting was at record highs.

Australia:
Australian Job ads rose for the 8th consecutive month, and house prices reached a record high in January.

Europe:
The Euro weakened after Germany reported that retail sales plunged in December, after tighter lockdowns last year to curb the spread of COVID, which has choked Europe’s largest economy.

Where to from here:

The NZD is looking for its next directional move, and they may come with the RBNZ at the end of the month. Until then, Exporters need to keep covering on any dip lower, and importers look at orders just above these levels.

Upcoming Data releases (NZST):
16:30 - RBA Rate Statement 


NZDUSD 0.7163 0.2%
NZDEUR 0.5936 0.8%
NZDGBP 0.5239 0.0%
NZDJPY 75.15 0.3%
NZDAUD 0.9383 0.1%
NZDCAD 0.9202 0.7%
GBPNZD 1.9082 -0.3%

AUDUSD 0.7642 0.3%
AUDEUR 0.6326 0.6%
AUDGBP 0.5582 0.3%
AUDJPY 80.10 0.3%
AUDNZD 1.057 0.1%
GBPAUD 1.7908 -0.4%