Pacific Currencies – Daily Summary
USD/CNY has posted small gains. Currently, the pair is trading at 6.9799, up 0.13% on the day. Investors are waiting for the release of New Loans, which is expected to be released on Friday or Saturday. The indicator is expected to improve sharply to 3100 billion yuan in January.
AUD/USD has inched higher on Thursday. Currently, the pair is trading at 0.6721, up 0.13% on the day. In economic news, MI Inflation Expectations fell sharply to 4.0% in January, down from 4.7% a month earlier.
NZD/USD has steadied on Thursday after posting strong gains a day earlier. Currently, the pair is trading at 0.6450, up 0.07% on the day. There are no New Zealand events on the calendar. On Wednesday, the New Zealand central bank maintained the benchmark interest rate at 1.00%, and the bank’s rate statement was on the neutral side. However, the bank downplayed the downside risk posed by coronavirus to New Zealand’s economy, which gave a boost to the currency on Wednesday. NZD/USD is up close to 1 percent this week, and is on track for its highest weekly gain this year.