Analysis and Recommendation: The NZD/USD dipped 5 points to 0.6659 on a quiet morning session with little action and little news. The New Zealand dollars
The NZD/USD dipped 5 points to 0.6659 on a quiet morning session with little action and little news. The New Zealand dollars pared weekly gains as investors remained skeptical that a rally in commodity prices will last.
The kiwi climbed to their highest levels in at least four weeks Wednesday as the greenback plunged after signs of a slowing U.S. economy helped derail bets on diverging policies between global central banks. Oil rose for a second day Thursday, extending the biggest gain in almost two weeks and paring its loss for the year to 12 percent.
“I’d still be pretty skeptical of the recovery we’ve seen in commodity currencies as oil prices are probably going to head lower and there’s downside risk for other commodities,” said Jason Wong, a currency strategist at Bank of New Zealand Ltd. in Wellington. “It could turn later in the year, but I don’t think we’re near that point yet as we’re still in a sluggish global growth environment.”
New Zealand’s dollar touched 0.6698, the highest since Jan. 6, after a report showed the nation’s unemployment rate fell to a six-year low of 5.3 percent in the fourth quarter.
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Today’s economic releases:
Cur. | Event | Actual | Forecast | Previous | |||
EUR | ECB President Draghi Speaks | ||||||
GBP | BoE Inflation Report | ||||||
GBP | Interest Rate Decision (Feb) | 0.50% | 0.50% | 0.50% | |||
GBP | BoE MPC Meeting Minutes | ||||||
GBP | BoE Gov Carney Speaks |
Upcoming Economic Events that you should be monitoring:
Friday, February 5, 2016
Cur. | Event | Actual | Forecast | Previous | |||
AUD | Retail Sales (MoM) (Dec) | 0.5% | 0.4% | ||||
USD | Nonfarm Payrolls (Jan) | 190K | 292K | ||||
USD | Unemployment Rate (Jan) | 5.0% | 5.0% | ||||
CAD | Employment Change (Jan) | 5.5K | 22.8K | ||||
CAD | Ivey PMI (Jan) | 50.0 | 49.9 |
Government Bond Auctions
Date Time and Country
Feb 04 11:50 France Holds bond auction
Feb 04 17:20 Sweden Details of I/L bond auction on Feb 11
Feb 08 16:20 Italy Details of bond auction
Feb 09 11:00 Netherlands Holds DSL auction
Feb 09 11:00 Austria Holds bond auction
Feb 09 11:30 Germany Holds I/L bond auction
Feb 09 11:30 UK 0.125% 2026 Gilt linker auction
Feb 09 n/a UK Details of Gilt auction on Feb 17
Feb 09 19:00 US Holds 3-year note auction
Feb 10 11:30 Germany Euro 5bn Mar 2018 Schatz
Feb 10 17:20 Sweden Details of bond auction on Feb 17
Feb 10 19:00 US Holds 10-year note auction
Feb 11 N/A Italy Euro 4-5bn 30-yr syndicated bond auction
Feb 11 11:03 Sweden Holds I/L bond auction
Feb 11 11:10 Italy Announces details of bond auction
Feb 11 11:30 UK 3.5% 2045 Gilt auction
Feb 11 19:00 US Holds 30-year bond auction
Feb 11 n/a US Details of 30-yr TIPS auction on Feb 18
Feb 12 11:10 France Details of bond auction on 18 Feb