Yesterday, ABN AMRO released their latest FX forecasts for 2017 and 2018. There were few notable revisions, nor was there much in the way of standout predictions, with the exception of one – NZD/USD to rise to 0.80 in 2018.
The ‘kiwi’ hasn’t traded at or above 0.80 against the US dollar since October 2014. A move to that level from its current price of 0.6993 (as of 02:00 GMT, April-21) would mark a 14.4% rise – a large amount if you’re planning on buying property or investing in New Zealand, or planning holidays there. View article >
Consumer prices in New Zealand are rising at their fastest rate in more than five years, said Statistics New Zealand today.
CPI rose 1% in Q1, ahead of the market forecast of 0.8% and Q4-2016’s 0.4%. The rise brings annualized inflation to 2.2% – its highest since September 2011.
The New Zealand dollar jumped on the news from 0.70 to 0.7044 against the US dollar, and AUD/NZD fell from 1.07 to 1.0643. View article >
Described as a “game-changer” by Deutsche Bank, British prime minister Theresa May’s decision to call a snap general election was the big story of the day on Tuesday and has reignited sterling exchange rates.
For months Theresa May had played down the possibility of an election earlier than 2020. In the eyes of many of the ruling Conservative Party, there was little chance that the opposition Labour Party could dig themselves out of their current pit of disarray between now and then, and so the Conservatives could carry on as is – without interruptions to Brexit negotiations – and still expect a comfortable victory at that later date. View article >
On April 3rd, ratings agency Standard & Poor’s downgraded South Africa’s sovereign credit rating to “junk” status (to BB+ from BBB-) following a chaotic and unwelcome cabinet reshuffle in the country during the final days of March.
As reported earlier in April on BestExchangeRates.com, South African president Jacob Zuma had sacked his well-respected finance minister, Pravin Gordhan, in an overnight cabinet purge and replaced him with Malusi Gigaba – a man seemingly without business experience and no economic background. View article >
The US dollar has started the week lower against most currencies as traders play catch up following market holidays on Friday.
In Friday’s market update at BestExchangeRates.com, we described how March’s US core inflation fell month-on-month for the first time in seven years, but with many investors away for the Good Friday holiday, we also described how expected weakness in the US dollar did not occur (the US Dollar Index actually finished higher on the day). View article >
Markets ended the week quietly, which was unsurprising given that Canada, Germany, the UK and Switzerland all had public holidays yesterday.
What was surprising was the extraordinary miss in Friday’s US inflation data. Combined with soft retail sales figures and last week’s big miss in non-farm payrolls, the US Federal Reserve appear vindicated in what has so far been a “slowly-slowly” approach to monetary policy tightening. View article >
The Thai baht closed higher against the US dollar again on Thursday, ending the day just several pips short of recording its highest close in 21-months. Against the euro, the baht posted its highest close in 23-months. USD/THB and EUR/THB ended the New York session at 34.37 and 36.40 respectively.
The baht continues to strengthen just days after the Bank of Thailand’s Governor Veerathai Santiprabhob was forced to respond to the US administration’s decision to investigate the Southeast Asian nation for possible currency manipulation. View article >
FX markets were a sea of tranquility overnight with only the incessant chirping of FOMC hawks and ECB doves disturbing the peace.
Asia FX opened with traders digesting a series of relatively hawkish opinions from Fed officials during the New York. On Wednesday, Chicago Fed President Charles Evans suggested that he supports 1-2 additional rate hikes in 2017. His colleagues, Boston Fed President Eric Rosengren and San Francisco Fed President were on board for three or four hikes. View article >
Travel Tips and Ways to Save Money when Traveling in the Bahamas.
Like most islands in the Caribbean, the Bahamas are an expensive destination. The Bahamian dollar and the US dollar are both accepted throughout the islands. The USD may even be prefered, so traveling with that may make conversion issues easier. Banking hours are Monday through Thursday, 9:30 a.m. View article >
Travel Tips and Ways to Save Money when Traveling in Europe.
No destination holds as much variety and cultural difference as Europe. From the sunny south to the snowy north there is no shortage of places to see here. When arriving at any new destination for first time visitors it cant hurt to stop by the Tourist Point to get any free maps, discounts, and cost free events. View article >
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