EncoreFX’s daily market updates are written by our experienced and professional dealing team.
The Kiwi saw relief overnight as the US and China plan trade talks this month offering hope of resolving an escalating trade war. Whilst the engagement was seen as positive, doubts remain whether these talks will resolve the trade issues as they will be led by lower-level officials from previous rounds.
The Turkish lira continued its recent recovery against the US dollar as markets remain optimistic following Qatar’s pledge to invest US$15 billion in Tukey. Emerging currencies also benefitted as the positive sentiment flowed on.
Australian unemployment hits a 6-year low
Australian employment data released yesterday showed the unemployment rate dropped to 5.3% vs forecast of 5.4%, the lowest level in 6-years. Job gains missed expectations declining by 3,900 in July as the participating rate fell. Markets focused on the positive unemployment rate and saw the AUD higher, also providing support for the NZD.
Coming up today:
NZ Producer Price Index at 10.45am
Reserve Bank of Australia Governor Speech
US Consumer Confidence and Inflation
© Copyright - EncoreFX, 2018.The information in this post is provided for general information purposes only and has been prepared without taking into account any person’s objectives, financial situation or needs and, accordingly, it does not constitute personalised financial advice under the Financial Advisers Act 2008, nor does it constitute advice of a legal, tax, accounting or other nature to any person. Before acquiring any financial services or products from EncoreFX, you should consider the appropriateness of the information having regard to your own objectives, financial situation or needs. We recommend that investors seek advice from their usual adviser before taking any action. EncoreFX (NZ) Ltd is a registered Financial Services Provider (FSP 461386), and is a licensed derivatives issuer under the Financial Markets Conduct Act 2013. EncoreFX (NZ) Ltd has lodged a Product Disclosure Statement (PDS) for each of our derivatives with the Registrar on 21-Dec-2016. A copy of each PDS is available from us or from the Registrar at www.business.govt.nz/disclose.