FOREX TradingCharts.com

Forex News: NZ Dollar Advances On Fed Rate Cut Bets

NZ Dollar Advances On Fed Rate Cut Bets

07/11/2019 - 05:40:00 (RTTNews)

(RTTNews) - The New Zealand dollar spiked up against its major counterparts in the early European session on Thursday amid risk appetite, as dovish remarks from the U.S. Federal Reserve Chairman Jerome Powell reignited hopes of a U.S. rte cut later this month.

Powell said June's positive jobs report hasn't changed the Fed's economic outlook and the central bank stands ready to "act as appropriate".

Many analysts saw Powell's testimony as a clear endorsement for a rate cut amid increased economic uncertainties and muted inflation pressures.

When asked how large a cut could be made at the July 30 policy meeting, Powell answered the FOMC will look at "a full range of data."

The June FOMC minutes also showed increasing support for lowering rates amid increased economic uncertainties and muted inflation pressures.

Data from Statistics New Zealand showed that New Zealand credit card spending rose a seasonally adjusted 0.1 percent on month in June, following a 0.2 percent increase in May.

Retail credit card spending was flat on month, missing expectations for a gain of 0.7 percent following the 0.5 percent decline in May.

The currency has been trading in a positive territory against its major counterparts in the Asian session, excepting the yen.

The kiwi advanced to a 6-day high of 0.6671 against the greenback, from Wednesday's closing value of 0.6644. If the kiwi rises further, 0.68 is seen as its next resistance level.

Reversing from a low of 71.84 seen at 10:15 pm ET, the kiwi edged higher to 72.08 per yen. The next possible resistance for the kiwi is seen around the 73.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity declined in May after rebounding in the previous month.

The tertiary activity index fell 0.2 percent month-on-month in May, reversing a 0.8 percent rise in April. Economists had expected a 0.1 fall.

The kiwi appreciated to a 3-day high of 1.6898 against the euro, compared to 1.6930 hit late New York Wednesday. On the upside, 1.67 is possibly seen as the next resistance for the kiwi.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated in June.

Consumer prices advanced 1.6 percent year-on-year in June, faster than the 1.4 percent increase in May.

The kiwi held steady against the aussie, after having advanced to a 9-day high of 1.0455 at 2:15 am ET. At yesterday's close, the pair was worth 1.0471.

Looking ahead, at 7.30 am ET, the European Central Bank releases the accounts of the monetary policy meeting of the governing council held on June 5 and 6.

Canada new housing price index for May, U.S. weekly jobless claims for the week ended July 6, consumer price index and monthly budget statement for June are due in the New York session.

Federal Reserve Chairman Jerome Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee in Washington DC at 10:00 am ET.

At 1:30 pm ET, Federal Reserve Governor Randal Quarles will deliver a speech about financial regulation and monetary policy at an event hosted by the Bipartisan Policy Center in Washington DC.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Pound Little Changed After UK Public Sector Finance Data (55 min(s), 03 sec(s) ago)
(RTTNews) - Following the release of UK public sector finance data for June at 4.30 am ET Friday, ...Full Story»

Pound Mixed Ahead Of UK Public Sector Finance Data (01 hr(s), 01 min(s), 03 sec(s) ago)
(RTTNews) - At 4.30 am ET Friday, the Office for National Statistics publishes UK public sector fi ...Full Story»

Yen Declines On Fed Rate Cut Hopes (02 hr(s), 10 min(s), 03 sec(s) ago)
(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Friday ...Full Story»

Euro Little Changed After German PPI (03 hr(s), 25 min(s), 03 sec(s) ago)
(RTTNews) - After the release of German producer prices for June at 2.00 am ET Friday, the euro ch ...Full Story»

Euro Mixed Ahead Of German PPI (03 hr(s), 31 min(s), 03 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, Destatis is scheduled to issue Germany's producer prices for ...Full Story»

Euro Drops On Rumors Of ECB Revising Inflation Goal (13 min(s), 57 sec(s) ago)
(RTTNews) - The euro weakened against its major counterparts in the European session on Thursday, ...Full Story»

Pound Higher After Solid U.K. Retail Sales, Barnier's Comments (16 min(s), 58 sec(s) ago)
(RTTNews) - The pound spiked higher against its major counterparts in the early European session o ...Full Story»

Pound Rises Further After U.K. Retail Sales (55 min(s), 03 sec(s) ago)
(RTTNews) - After the release of UK retail sales for June at 4.30 am ET Thursday, the pound rose f ...Full Story»

Search

FOREX NEWS

Pound Little Changed After UK Public Sector Finance Data

07/19/2019 - 04:35 AM (RTTNews)
(RTTNews) - Following the release of UK public sector finance data for June at 4.30 am ET Friday, ...Full Story>>

Pound Mixed Ahead Of UK Public Sector Finance Data

07/19/2019 - 04:28 AM (RTTNews)
(RTTNews) - At 4.30 am ET Friday, the Office for National Statistics publishes UK public sector fi ...Full Story>>

Yen Declines On Fed Rate Cut Hopes

07/19/2019 - 03:19 AM (RTTNews)
(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Friday ...Full Story>>

Euro Little Changed After German PPI

07/19/2019 - 02:04 AM (RTTNews)
(RTTNews) - After the release of German producer prices for June at 2.00 am ET Friday, the euro ch ...Full Story>>

Euro Mixed Ahead Of German PPI

07/19/2019 - 01:58 AM (RTTNews)
(RTTNews) - At 2.00 am ET Friday, Destatis is scheduled to issue Germany's producer prices for ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.