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Kiwi falls through Friday’s trading session

Monday 8 March, 2021

Daily Currency Update

The NZD fell throughout Friday’s trading session to open at 0.7163 against the USD this morning on the back of positive US employment data. Non-farm employment data showed that actual figures of 397,000 almost double forecasted figures of 197,000. The US employment data also dropped to 6.2% from 6.3%, while their average hourly earnings remain unchanged at 0.2%. It is a quiet week ahead for the NZD with no major news being released by the RBNZ or Statistics New Zealand, however we may see some volatility against the USD with US CPI data being released on Thursday.

Key Movers

Canada’s Ivey Purchasing Manager’s Index climbed to a 6 month high as their employment picked up. Figures coming back at 60.0 indicates industry expansion and economic growth which is a positive for the CAD. In the United Kingdom Bank of England Governor Andrew Bailey is expected to make a speech later tonight about the economic outlook. Traders often scrutinize his public engagements as they are often used to drop clues regarding the countries monetary policy.

Expected Ranges

  • NZD/AUD: 0.9235 - 0.9430 ▼
  • NZD/CAD: 0.8910 - 0.9135 ▼
  • NZD/EUR: 0.5915 - 0.6135 ▲
  • GBP/NZD: 1.8905 - 1.9920 ▲
  • NZD/USD: 0.7060 - 0.7255 ▼