AUD
A sharp drop in oil prices weighed on the commodity-linked Australian Dollar on Wednesday, giving back sharp gains from a day earlier. The oil news comes one day after Australia’s Central Bank hints at the end of stimulus measures and the possibility if interest rate hikes in the near future.
At 11:00PM GMT, the Aussie was down 1.3% to the US Dollar to .8161, down .4% to the Euro to 1.7186, down .75% to the Japanese Yen to 77.61 and down .5% to the Canadian Dollar to .8903 which was also suffering broader losses overall as a result of the oil slump.
USD
Despite a poor showing at a Treasury bond auction a day earlier, the Dollar made some gains on Wednesday after a sharp decline in Durable Good orders were reported.
The data caused stocks to fall and the Dollar to rise as appetite for risk in the Forex market fell, after two straight days of gains for higher yielding currencies.
At 11:15PM GMT, the Dollar was up .9% to the Euro to 1.4035, up .5% to the Yen to 94.98, up .3% to the British Pound to 1.6375, up .9% to the Canadian Dollar to 1.0906, up .5% to the Kiwi to .8549 and up 1.2% to the Swiss Franc to 1.0876.
Chart: NZD/USD
The NZD/USD has been trading in a very tight range over the last several days ahead of today’s Reserve Bank of New Zealand meeting. Is there really any further fuel for a rally from these elevated levels? We shall see today.
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