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Posted April 27th, 2015 by Charles Purdy

Will Sweden cut their interest rates even more?

There are interest rate decisions from Sweden and New Zealand’s central banks this week. Sweden is expected to increase their negative interest rates to -0.35% and New Zealand to keep theirs on hold.

For Japan we have labour and inflation data released so it will be interesting how effective their programme of quantitative easing has been over the last month.

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Posted April 21st, 2015 by Charles Purdy

New Zealand dollar jumps despite poor data

Monday was an interesting day for the New Zealand dollar as it crept to near three month highs against the US dollar, despite the release of a less than impressive inflation report which showed that New Zealand’s Consumer Price Index had dropped 0.3% in the first quarter – a slight larger downturn than expected. However, with the US currency remaining steady, the New Zealand dollar was able to hold its strong position and start the week well.

The People’s Bank of China cut its reserve requirement by a full percentage point to 18.5% from 19.5%, the second cut in two months; this added more liquidity to the world’s second-biggest economy in order to help spur bank lending.

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Posted April 21st, 2015 by Charles Purdy

New Zealand dollar jumps despite poor data

Monday was an interesting day for the New Zealand dollar as it crept to near three month highs against the US dollar, despite the release of a less than impressive inflation report which showed that New Zealand’s Consumer Price Index had dropped 0.3% in the first quarter – a slight larger downturn than expected. However, with the US currency remaining steady, the New Zealand dollar was able to hold its strong position and start the week well.

The People’s Bank of China cut its reserve requirement by a full percentage point to 18.5% from 19.5%, the second cut in two months; this added more liquidity to the world’s second-biggest economy in order to help spur bank lending.

Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.

Posted March 26th, 2015 by Charles Purdy

Australian dollar has mid-week drop off

The Australian dollar struggled to get over the mid-week hump as it dropped further against its US counterpart. It wasn’t all bad news though, as it managed to increase its gap with its closer neighbour, the New Zealand dollar, by almost half a per cent.

Talking of the New Zealand dollar, it also recorded lower rates against its rather larger US counterpart. Data releases yesterday showed that the country’s trade surplus widened far less than expected in February – hitting NZ$50 million last month, according to Statistics New Zealand.

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Posted March 24th, 2015 by Charles Purdy

New Zealand dollar at two month highs

  • Monday brought a good start to the week for the New Zealand dollar, as it reached two month highs against its US counterpart. The US market was still feeling the weight of uncertainty around the timing of a likely US rate hike. The New Zealand dollar was also up against its noisy Australian neighbour, with AUD/NZD dropping half a percent to 1.0232.
  • The Canadian dollar started the week brightly, off the back of Friday’s positive Canadian consumer price data showed it rose by 0.9% last month. This was higher than the expected figure of a 0.7% rise.

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Posted March 19th, 2015 by Charles Purdy

Problems still exist elsewhere

  • New Zealand was glad to see the hump of the week over as the local currency gained strength on Wednesday. The country’s 2014 current account balance reached a deficit equivalent to 3.3% of Gross Domestic Product (a measure of growth), better than the 3.4% expected, while fourth quarter data showed a balance in deficit by NZ$3.2 billion. This saw the New Zealand dollar gain on its US counterpart, trading at 0.7314 at end of play on Wednesday.
  • Downbeat Canadian sales data saw the Canadian dollar very much rooted at six-year lows against its neighbour. Wholesale sales dropped 3.1% in January, dramatically lower than original expectations. This added to what has been a poor week for Canada, following weak manufacturing sales data earlier in the week.

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Posted March 13th, 2015 by Charles Purdy

Good news for the Australian job market

  • The Australian dollar finally pulled away from six year lows following the release of better than expected Australian employment data. The Australian Bureau of Statistics reported that the number of employed people rose by 15,600 in February 2015, above the expectations for an increase of 15,000. The report also showed that Australia’s unemployment rate went down to 6.3% last month, from a figure of 6.4% in January.
  • Following the eagerly anticipated Reserve Bank of New Zealand (RBNZ) interest rate announcement on Thursday, the New Zealand dollar rallied over one percent. The RBNZ decided to keep rates as they were, citing strong economic growth as the reason.

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Posted March 12th, 2015 by Charles Purdy

The market eyes statements from the Reserve Bank of New Zealand

The New Zealand dollar hit a mid-week hump as it fell to five week lows against its US counterpart on Wednesday. This was largely due to the fact that expectations for a US rate hike had gathered momentum and boosted the already well performing US dollar. On top of this, experts are looking to Thursday’s Reserve Bank of New Zealand meeting, where they are expected to leave their benchmark interest rate on hold at 3.5%.

Canada also bears the brunt of a strong US dollar

Mid-week saw poor performance for the Canadian dollar, as it too suffered at the hands of the strong US dollar, hitting new one-month lows. USD/CAD hit 1.2710, down just over a quarter of a percent on the previous day.

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Posted February 20th, 2015 by Charles Purdy

A busy week for the Japanese yen

  • The Japanese yen had a busy week with a raft of data released. The yen held its position on Monday, despite the release of weaker than expected economic growth last quarter – with the economy only growing by 0.6%. The Japanese yen gained on Wednesday following the central bank’s decision to hold policy steady, with the Asian market gearing up for Chinese New Year. Thursday was another positive day for the Japanese currency as better-than-expected export figures boosted the yen’s current position.
  • The Australian dollar jumped on Tuesday, following on from the Reserve Bank of Australia (RBA)’s latest meeting, where it said that it cut rates due to the deteriorating economic outlook. The RBA shocked markets earlier in the month when it decided to lower its benchmark interest rate to a new record low of 2.25%.
  • The New Zealand dollar had a solid start to the week on Monday, as better than expected retail sales gave the currency a much needed boost. The New Zealand dollar rose to new one-month highs against its US counterpart yesterday following the news that the US Federal Reserve may keep interest rates on hold for longer than had initially been expected.

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Posted February 17th, 2015 by Charles Purdy

A welcome boost for the New Zealand dollar

  • The New Zealand dollar had a solid start to the week on Monday, as better than expected retail sales gave the currency a much needed boost. The official report stated that retail sales in New Zealand were up by 1.7% quarter on quarter, coming out way above analysts expectations of a 1.3% rise. Off the back of this the New Zealand dollar jumped almost half a percent against its US counterpart.
  • The Japenese yen held its position on Monday, despite the realise of weaker than expected economic growth last quarter. Japan’s fourth quarter economic growth weighed in at a gain of 0.6%, although expectations had been for higher growth rates, at around a percent.

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