Chinese and US data dump weaker than expected; spike in NZD/USD short-lived as Kiwi loses traction; GBP remains out of favour

By Jason Wong

Soft economic data in China and the US set the tone for trading on Friday, leading to modest falls in the NZD and AUD. 

China’s data dump showed weaker than expected growth in retail sales, industrial production, investment and credit. This was followed by a weak run of US economic data, with soft retail sales, weaker than expected consumer sentiment and very weak PPI data.

Thus, after reaching record highs the previous day, the market was in no mood to take US equities any higher and the risk for any Fed tightening this year slipped a little further.  The USD came under some pressure, but managed to recover a little later in the session.

The NZD closed the week a touch under the 0.72 mark, down 0.2% for the day. The weak US retail sales data caused a spike up to 0.7255, but the subsequent recovery in the USD fully unwound that move.  With little on the economic calendar over the next 24 hours, it should be a quiet trading session today.

With its closer links to China, the AUD underperformed and closed down 0.6% to around 0.7650. Thus, NZD/AUD closed a touch over the 0.94 mark, close to the middle of the 0.92-0.96 range it has largely kept to over the past four months.

Amidst slightly weaker commodity currencies, the CAD outperformed, rising 0.3% against the USD, helped by a further recovery in oil prices. WTI crude oil was up over 2%, closing the week around USD 44.50, a strong rebound relative to the sub-$40 mark seen early last week.

GBP remains out of favour, closing down 0.3% at 1.2920. The EUR continues to be largely unaffected by the soft GBP and closed up 0.2% at 1.1160. 

JPY moved sub 101 just after the US retail sales release and closed the week at 101.30. Japan GDP data will be closely watched today.


 

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Daily exchange rates

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