FOREX: NZD Consolidates Session Gains Above 0.5950
Apr-17 15:28
- The bounce off the lows for major equity benchmarks is helping the Kiwi consolidate near session highs, with topside momentum for NZDUSD gathering pace earlier above the prior 0.5944 highs. The pair has risen as high as 0.5973, and the latest strength signals scope for a stronger recovery to the Nov 07 high at 0.6038.
- Domestically, Q1 inflation printed higher than expected at 0.9% q/q, bringing the annual rate to 2.5% up from 2.2% in Q4. This may be providing an additional tailwind for NZD today, which remains among the best performers in the G10 FX space.
- Notably, NZDCHF has extended its recovery today, rising 1.35% on the session and this takes the bounce from last week’s lows to 5.5%. The cross has just tested its 20-day EMA, which intersects at 0.4897.
- In an exclusive interview, a former senior bank official told MNI that a global recession driven by U.S. tariffs could lead the Reserve Bank of New Zealand to downgrade its estimate of the neutral level of interest and reduce its 3.5% Official Cash Rate to below 1%, however, uncertainty remains particularly elevated.
- Trade balance data for New Zealand is scheduled on Monday, while ANZ consumer confidence will cross Wednesday.
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EU: Von Der Leyen Says EU Must "Get Ready For War"
Mar-18 15:20
European Commission President Ursula von der Leyen has stated in a speech at the Royal Danish Military Academy in Copenhagen that Europe “must get ready for war,” following a period of “underinvestment” and “complacency” in defence policy.
- Von der Leyen says: “By 2030, Europe must have strong defence posture," says the EU's 'Readiness 2030' means "to have re-armed and developed capabilities to have credible deterrence.”
- Says that tomorrow the EU will unveil a ‘roadmap’ for ‘Readiness 2023’ which will cover four key priorities and detail 800 billion euros of spending. VDL says the roadmap will cover joint procurement that will allow the EU to “buy faster and buy more European.”
- Von der Leyen says that the first priority for Europe is a “surge in defence spending”. Says the EU must develop “large-scale projects” and “step up collaborative procurement”.
- Von der Leyen adds that the EU will set up a joint task force with Ukraine to “coordinate military support”, and the bloc is working to break new ground on security with the UK.”
- Von der Leyen says that decisions to ramp up defence spending taken by Denmark and Germany (today) are “both historic and necessary.”
FED: US TSY 52W AUCTION: NON-COMP BIDS $1.218 BLN FROM $48.000 BLN TOTAL
Mar-18 15:15
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