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New Zealand Dollar Plummets as RBNZ Leaves Rates on Hold

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD

Sterling



GBP/USD 1 Week Chart

After strengthening on Wednesday falling a sharp rise in geopolitical tensions, the Pound (GBP) slipped again this morning ahead of a slew of UK data.

 

While domestic industrial production figures impressed, the nation’s trade deficit widened, inspiring GBP fluctuations.

Euro

The Pound Euro (GBP EUR) exchange rate is currently trading close to yesterday’s closing levels as markets await today’s UK data.

The single currency, meanwhile, has gotten off to a slow start this morning as French industrial production nosedived in June, contracting 1.1% after previously expanding 1.9%.

However a slight uptick in Italy’s trade balance today may help the Euro to offset any negativity surrounding the French data.

US Dollar

US-North Korean tensions caused Sterling to strengthen against the US Dollar (USD) on Wednesday as markets feared what impact the latest war of words would have on the global economy.

Meanwhile the ‘Greenback’ began to recoup losses overnight on Wednesday following a speech from Chicago Federal Reserve President Charles Evans, with the known dove striking a more hawkish tone as he backed the Fed’s plans to begin reducing its balance sheets.

However, further rhetoric from both the US and North Korea could still weaken the US Dollar later today as Pyongyang responded to recent threats by saying that its plan to fire missiles towards Guam would soon be ready.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate continued to trend higher yesterday, rallying from the weekly low struck on Tuesday as oil prices remained subdued despite US crude stocks contracting more than expected last week.

Australian Dollar

Sterling fluctuated against the Australian Dollar (AUD) in overnight trade on Wednesday as geopolitical concerns continued to dominate market sentiment, especially during the Asian session.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate rocketed over a cent higher last night as the Reserve Bank of New Zealand (RBNZ) held its latest monetary policy meeting.

Markets reacted negatively to the bank’s decision to leave interest rates on hold again in August with its statement that rates would ‘remain accommodative for a considerable period’ leading to further disappointment from investors.

 

TorFX Author: TorFX

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