The USD has started off the week on the back-foot losing ground against all its major trading rivals. The NZDUSD traded to a four-week-low of 0.6920 late yesterday before recovering as the European markets opened up.
With little in the way of economic data releases investors are focused on geopolitical concerns following last week’s US airstrikes, and the deployment of an aircraft carrier strike group to waters off the Korean peninsula.
The latest polls in the French presidential election suggest the election could be a four-way contest with both far-left candidate Jean-Luc Melenchon and Republican Francois Fillon closing the gap on the two front runners independent Emmanuel Macron and National Front leader Marine Le Pen. The Weekends polls ahs Macron and Le Pen tied for the lead, each with 24% of the vote followed by Melenchon with 18% then Fillon polling at 17%. The first round of the elections after which the top two candidates move forward to the second round on the 7th of May will be held on 23rd of April.
The highlight of our trading day is likely to be Federal Reserve Chair Janet Yellen’s address at the University of Michigan later this morning.
Global equity markets remain mixed – Dow +0.25%, S&P +0.15%, FTSE -0.01%, DAX -0.20%, CAC -0.54%, Nikkei +0.71%, Shanghai -0.52%.
Gold prices are holding steady at $1,254 an ounce, WTI Crude Oil continues to push higher up 1.6% in the last 24 hours trading at $53.05 a barrel.
Current indicative rates:
NZDUSD 0.6961 0.4%
NZDEUR 0.6567 0.2%
NZDGBP 0.5604 0.1%
NZDJPY 77.22 0.3%
NZDAUD 0.9281 0.3%
NZDCAD 0.9281 -0.1%
GBPNZD 1.7844 -0.1%
Upcoming Data releases (NZST):
- 08:10 Fed Chair Yellen Speaks
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