Daily Currency Update

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NZD sees slight uptick during yesterday’s trading session

NZD - New Zealand Dollar

The NZD saw some growth yesterday as the performance of the safe-haven currencies came back down to Earth as the market settled. While still lagging behind the AUD, the NZD has still outperformed most of the other major currencies even after the Reserve Bank of New Zealand’s rate cut last week.

It is all quiet on the macroeconomic front, with no major news coming out to affect the NZD until next week when the quarterly retail sales data will be released. These figures are the primary gauge of consumer spending and tends to create hefty markets impacts.

The New Zealand dollar opened at 0.6442 against the United States Dollar this morning.

Key Movers

The European Central Bank announced yesterday that it will announce a ‘very strong package’ of stimulus measures at its next policy meeting in September. ECB policymaker Governor Rehn said he favoured the ECB restarting quantitative easing as well as interest rate cuts in September, and the stimulus package may overshoot investors’ expectations.

The US-China trade war saw some developments as Beijing announced it would impose counter-measures in response to the United State’s plan to raise tariffs on $300 billion worth of Chinese goods. Officials have said they will attempt to meet the US half-way to finalise a deal, but President Trump has insisted any breakthrough will be on Washington’s terms.

In terms of macroeconomic news the Canadian CPI data being released next Wednesday night is expected to have a major impact on the CAD. Released monthly, these figures are the most important inflation-related release due to its earliness and broad scope.

Expected Ranges

NZD/AUD: 0.9460 - 0.9525 ▼

NZD/CAD: 0.8515 - 0.8610 ▼

NZD/EUR: 0.5730 - 0.5825 ▼

GBP/NZD: 1.8585 - 1.8940 ▲

NZD/USD: 0.6385 - 0.6480 ▼