We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
New Zealand Dollar Soars as Budget Reveals Plans to Cut Foreign Debt

New Zealand Dollar Soars as Budget Reveals Plans to Cut Foreign Debt

2010-05-20 04:52:00
Ilya Spivak, Sr. Currency Strategist

Key Overnight Developments

• NZ Dollar Soars as Budget Reveals Plans to Cut Foreign Debt
• Japan’s GDP Report Shows Worst Deflation in Three Decades

Critical Levels


The Euro and the British Pound slid 0.4 and 0.2 percent against the US Dollar as stocks slid for the fifth consecutive day in Asian trade, boosting the greenback on safety-seeking demand. We remain short EURUSD at 1.4881.

Asia Session Highlights


The New Zealand Dollar soared after the government’s Budget Statement revealed plans to raise the sales tax for the first time since 1989 while slashing all income taxes across the earning spectrum starting in October in a bid to encourage saving and trim the national debt. The plan also includes provisions to cut the corporate tax rate as well as duties on trusts and savings. Finance Minister Bill English said “New Zealand’s largest single vulnerability is now its large and growing net external liabilities,” adding that this vulnerability will increase over the next five years as government debt rises to 27 percent of GDP from 14 percent this year. Overall foreign debt – including private and public liabilities – accounts for close to 90 percent of GDP.

Japan’s Gross Domestic Product added 1.2 percent in the first quarter from the three months through December 2009 while the annual growth accelerated to 4.9 percent. Exports drove the expansion, adding 0.9 percent to output growth while private consumption contributed a mere 0.2 percent. The outcome marks the fourth consecutive quarter of growth since the economy emerged from recession a year ago but persistent deflation continues to threaten the overall outlook. Indeed, the GDP Deflator (a measure of the price level) declined at an annualized pace of 3 percent, the most in nearly three decades, hinting the government will keep pressure on the Bank of Japan stick with an ultra-loose monetary policy stance for the time being.

Euro Session: What to Expect


UK Retail Sales headline the economic calendar in European hours, with expectations calling for core receipts (excluding auto fuel sales) to declined 0.1 percent in April, marking the first drop in three months. On balance, the release may not prove especially market-moving considering the downturn was telegraphed in an analogous report from the British Retail Consortium released last week that chalked up the result to seasonal factors linked to the timing of the Easter holiday as well as uncertainty heading into the UK general election.

The outlook for risk sentiment looks uncertain with equity index futures mixed ahead of the opening bell in Europe though the cues coming out of Asia are distinctly bearish, with the MSCI Asia Pacific regional benchmark index down 1 percent after Japanese deflation accelerated (see above) while concerns about the debt crisis in Europe and its implications for economic growth continued to linger.

For real time news and analysis, please visit

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.