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Kiwi Steady as Middle East Tensions Ease

Published January 9, 2020

The Kiwi Dollar opens the day slightly higher as risk appetite slowly returned to markets as US – Iran tensions eased. President Trump has signalled there would be no further military action, for now, with Tehran appearing to have pulled back from its threats. Stock markets have rebounded, oil prices have fallen, while safe haven currencies, CHF and JPY have both given back some of their recent gains.

More Positive US Data

The Greenback was firmer overnight, not only on the back of easing Middle East tensions, but also better than expected employment data. The American ADP employment report for December was up by 202,000 vs expectations of 165,000, the largest gain in eight months. This positive number has increased hopes of a good non-farm payroll number, to be released Saturday morning.

The Day Ahead

Nothing of note on the local front, with markets looking towards this afternoon’s Chinese Inflation Data due out at 2.30pm, while later this evening we have Euro Zone Unemployment for November.