The AUDUSD opens at 0.7064 (mid-rate), and The NZDUSD opens at 0.6745 (mid-rate) this morning.
The AUD broke lower yesterday afternoon following the release of the RBA’s latest monetary policy statement.
As widely expected the Reserve Bank kept its benchmark interest rate unchanged at 1.5% with policy makers noting that although the labour market remains strong inflation and wage growth remain low and are only expected to rise gradually. The RBA remains concerned about downside risks to the global economy believing that these have increased recently.
Although expected yesterday’s disappointing quarterly survey of business opinion has seen the NZD slip lower with market expectations of a rate cut on 8th May now 50% priced in.
This morning’s Global Dairy Trade auction resulted in a 9th consecutive rise in the overall index with prices inching up 0.8% from the previous auction a fortnight ago.
A total of 17,854MT of product was sold at today’s event with butter once again the big mover, up 5.0%. Skim milk powder (SMP) prices rose 1.8% with whole milk powder (WMP) unexpectedly declining 1.3%.
The US Commerce Department manufactured durable goods report showed orders fell slightly less than expected in February. Orders were down 1.6% following a downwardly revised 0.1% increase in January. Economists had forecast orders to fall 1.8% in January from the previously reported 0.3% increase in January.
The British pound has pushed higher after Theresa May announced that she is willing to meet with Labour leader Jeremy Corbyn in an attempt to agree a revised exit plan. May has also said she will seek a further extension beyond the April 12th deadline but before to the European elections on 22nd May to present any agreed plan.
Global equity markets are mixed, - Dow -0.354, S&P 500 -0.05, FTSE +1.01%, DAX +0.62%, CAC +0.33%, Nikkei -0.02%, Shanghai +0.20%.
Gold prices are inching higher, up 0.2% trading at $1,290 an ounce. WTI Crude Oil prices continue to rise, currently up 1.2% trading at $62.42 a barrel.
Our Market Watch page is live, please click here to access.
Get in touch with us for more information or pricing.
Would you like daily international currency market news and insights delivered to directly to your inbox? Sign up to our country-specific updates below, and please browse the rest of our blog for more insights from XE offices around the globe.
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.
While we take reasonable care to keep the information on the website accurate and up to date, there may be occasions when this is not possible. Case Studies and articles are not intended to predict future moves in exchange rates or constitute advice.
XE makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources. If you are in any doubt as to the suitability of any foreign exchange product that you are intending to purchase from XE, we recommend that you seek independent financial advice first.
For more information about XE, please click here: Regulatory Information