Tags Posts tagged with "NZD"

NZD

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The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

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The Australian dollar was under pressure again following a selloff in Chinese equities. The Shanghai composite dropped a further six percent on Tuesday – adding to the fall of over thirty percent that’s taken place since the summer.

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USD/JPY was trending lower following some encouraging data on the Japanese economy. The pair failed to break resistance at 124.56 and began moving to the downside.

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USD/CAD continues to swing wildly with large levels of intraday volatility. The pair rose back above the 1.30 line again today after rallying one percent on yesterday’s dip.

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Traders unnerved by a second Chinese market intervention abandoned the greenback and pushed the benchmark index down over one percent.

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The Australian dollar suffered a strong downward correction today, most considerably against the US dollar. The move came after China announced it would lower the level at which the yuan trades against the greenback.

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The Canadian dollar regained ground on Monday – this came as markets anticipated that the latest batch of soft data out of China will press authorities into a more aggressive set of stimulus policies.

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The tumbling price of crude oil continues to be felt on commodity currencies. The biggest faller of week has been the Canadian dollar which has seen more than a two percent slide against the US dollar.

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US crude supplies registered another big drop this week. The Energy Information Administration reported that supplies fell by 4.2M barrels to 24 June a much bigger drop than the 184,000 barrels that oil analysts had forecast.

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The greenback traded on relatively solid ground today despite a mixed set of economic data. The dollar was up against the yen and the euro but slipped versus the UK pound and fell sharply against the Canadian dollar.