The Aussie and Kiwi Dollar Kick the Week off on the Back Foot

It’s another quiet day for the markets, leaving the Kiwi and Aussie Dollar on the back foot. Expectations are for more policy easing…
Bob Mason
Forex Markets Currency Trading Concept.

Earlier in the Day:

No material stats were due for release through the Asian session this morning. While the U.S markets are due to reopen after Friday’s holiday, Australia, NZ, HK, and the European market remain closed until tomorrow.

Across the Majors,

At the time of writing, the Japanese Yen was flat at ¥111.92 against the U.S Dollar. The Kiwi Dollar was down 0.12% to $0.6676 for the session, while the Aussie Dollar was down 0.20% to $0.7138.

Following last week’s slide in the Kiwi Dollar, the markets will need to wait until Friday to see whether trade terms will force the RBNZ’s hand. The pair remained under pressure at the start of the week, with expectations of rate cuts weighing.

The Day Ahead:

For the EUR

The European markets are closed for the day. Market risk appetite will influence the EUR through the day.

While the European equity markets are closed for the day, the U.S futures were in the red at the time of writing. The Dow Mini was pointing to a 35 point drop at the hope.

At the time of writing, the EUR was down 0.06% at $1.1238.

For the Pound

The UK is also on holiday today. The Pound will likely remain exposed to general sentiment towards Brexit, which has yet to shift to a more positive footing.

At the time of writing, the Pound was up 0.01% to $1.2994.

Across the Pond

The U.S markets reopen after Friday’s public holiday. March existing home sales figures are due out this afternoon. While volumes will be on the lighter side, the Dollar will likely brush aside the stats on the day.

At the time of writing, the Dollar Spot Index was down by 0.02% to 97.395.

For the Loonie

With the Canadian markets reopening, the focus will likely shift to this week’s BoC monetary policy decision. Crude oil prices will likely have an impact throughout the day.

The Loonie was up 0.21% at C$1.3363, against the U.S Dollar, at the time of writing. Early support came from a bounce in crude oil prices.

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