EncoreFX’s daily market updates are written by our experienced and professional dealing team.
The Kiwi Dollar has barely moved from yesterday’s opening level as the US Independence Day holiday meant quiet trading conditions across the board. The current fortunes of the NZD appear to be still linked to the Chinese Yuan, which saw the Kiwi rally around 0.3% yesterday before easing back to opening levels. Little in the way of local data today, with the market looking at this evenings release of U.S manufacturing data, and the big one on Friday night, USD Non-Farm Payrolls for June.
Mixed data out of Australia yesterday with retail sales surprising the market on the upside while trade balance numbers were below expectations. Australian retail sales grew by 0.4% in May, ahead of expectations for an increase of 0.3%. Australia’s trade surplus for May was $A827m, down from $977m the previous month. Market expectations had been for a surplus of $A1.2b. Little movement in the NZD/AUD cross rate which also opens at similar levels to yesterday.
The GBP was the best performing major currency of the past 24hrs , with UK service sector activity expanding at its fastest pace in eight months in June.
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