New Zealand dollar continues to trade below US$0.58
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Daily Currency Update
The New Zealand dollar is slightly weaker this morning when valued against the Greenback currently trading at US$0.5730 at the time of writing. The New Zealand dollar (NZD) softens to a one-week low amid concerns over the looming April 2 deadline for US reciprocal tariffs. The US will announce automotive tariffs “very shortly” and will unveil pharmaceutical tariffs “at some point”, Trump said on Monday (Tuesday AEDT) during a cabinet meeting, without offering further details. Trump’s comments at the White House sowed further confusion about his plans for a sweeping tariff announcement scheduled for April 2. Trump said his tariff roll-out Wednesday week would focus on so-called reciprocal duties, featuring rates on a country-by-country basis corresponding to tariffs and other trade barriers on US products. On the data front, there are no scheduled releases in New Zealand this week.Key Movers
The US Dollar Index (DXY) is experiencing mixed performance on Tuesday, trading around the middle of the 104.00 zone. Earlier in the day, the Greenback found support for stronger services activity and signs that proposed tariffs may be more targeted than feared. On the data front overnight US Housing Price Index for January came in at 0.2% as expected, softer compared to the previous 0.4% reading, which was revised to 0.5%. The Philadelphia Fed Non-Manufacturing Activity Index for March fell to a staggering -32.5, coming from already a contraction number of -13.1 in February. The Dow Jones Industrial Average (DJIA) stuck in place on Tuesday, adrift near the 42,500 level after another sharp decline in CB Consumer Confidence survey results broke a near-term bullish recovery in stock prices. Gold price advances on Tuesday as the US Dollar (USD) remains on the back foot and amid falling US real yields, which typically correlate inversely to bullion prices. An unexpected rise in inflation expectations, spurred by US trade policies, boosted demand for the yellow metal, which is gaining 0.26%, trading at $3,018.Expected Ranges
- NZD/USD: 0.5600 - 0.5800 ▼
- NZD/EUR: 0.5200 - 0.5400 ▼
- GBP/NZD: 2.2450 - 2.2650 ▲
- NZD/AUD: 1.0900 - 1.1100 ▼
- NZD/CAD: 0.8100 - 0.8300 ▼