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NZ, Canadian Dollars Rise as Corporate News-Flow Drives FX Markets

NZ, Canadian Dollars Rise as Corporate News-Flow Drives FX Markets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • NZ Dollar Outperforms as Upbeat Dairy Exports Bets Bolster RBNZ Outlook
  • Canadian Dollar Gains on M&A Flows After Burger King, Tim Hortons Deal
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The New Zealand Dollar outperformed in overnight trade, rising as much as 0.4 percent on average against its leading counterparts. The move followed the announcement of a partnership between dairy giant Fonterra and Chinese baby food manufacturer Beingmate to produce infant formula. Fonterra also said that despite “difficult market conditions” and lingering “downside risks”, its expected farm-gate milk price forecast remains unchanged at NZ$6/kg for the 2014-15 season.

China is New Zealand’s second-largest trading partner and dairy products account for close to 30 percent of island nation’s cross-border sales. With that in mind, traders likely interpreted supportive news-flow from the largest player in a formative sector of the economy as positive for growth trends as a whole. In turn, stronger overall performance may push the RBNZ off the sidelines and back into its rate-hike cycle sooner than otherwise expected, fueling capital inflows into the Kiwi.

The Canadian Dollar likewise advanced after US-based Burger King Worldwide Inc said it will buy Canada’s Tim Hortons Inc for US$11 billion, implying on-coming M&A capital flows favoring the Loonie in the pipeline. The deal’s supportive implications appear to run deeper however, with the mammoth transaction seemly representing a broadening “inversion” trend wherein US corporates seek to re-domicile abroad to take advantage of favorable tax policies.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Food Prices (MoM) (JUL)

-0.7%

-

1.4%

1:30

AUD

Construction Work Done (2Q)

-1.2%

-0.5%

-0.4%

1:45

CNY

Westpac-MNI Consumer Sentiment (AUG)

113.3

-

114.8

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

German GfK Consumer Confidence (SEP)

8.9

9.0

Low

6:00

CHF

UBS Consumption Indicator (JUL)

-

2.06

Low

6:00

EUR

German Import Price Index (MoM) (JUL)

-0.1%

0.2%

Medium

6:00

EUR

German Import Price Index (YoY) (JUL)

-1.4%

-1.2%

Medium

6:45

EUR

French Business Confidence (AUG)

93

93

Low

6:45

EUR

French Manufacturing Confidence (AUG)

96

97

Low

8:00

EUR

Italian Consumer Confidence Index (AUG)

104.0

104.6

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3082

1.3132

1.3150

1.3182

1.3200

1.3232

1.3282

GBPUSD

1.6448

1.6503

1.6522

1.6558

1.6577

1.6613

1.6668

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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