NZD climbs throughout Friday’s trading session
Monday 8 February, 2021
Daily Currency UpdateThe Kiwi climbed against the USD throughout Friday’s trading session on the back of negative US employment data. Non-farm employment data showed that actual figures did not meet forecasted numbers for the 3rd month in a row, with only 49,000 new jobs added in January compared to 85,000. On Tuesday, the RBNZ are tentatively expected to release their quarterly inflation expectations. This shows the percentage that business managers expect the price of goods and services to change annually during the next 2 years. It is a bank holiday in New Zealand today in observance of Waitangi Day.
Key Moversmployment data released in Canada late Friday night also showed less than expected numbers with the Canadian economy shedding 213,000 jobs in January in midst of lockdowns. The Canadian unemployment rate was also higher than forecasted rates of 8.9%, coming in at 9.4%. On Thursday, we are expected to see major movements as the Bank of England Governor Bailey and US Federal Reserve Powell are scheduled to speak early morning. As heads of central banks which control short term interest rates, their public engagement are often used to drop subtle clues regarding monetary policy.
- NZD/AUD: 0.9325 - 0.9495 ▲
- NZD/CAD: 0.9090 - 0.9285 ▲
- NZD/EUR: 0.5875 - 0.6115 ▲
- GBP/NZD: 1.8780 - 1.9455 ▲
- NZD/USD: 0.7105 - 0.7320 ▲