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NZ Dollar Gains on Export Price Data, Aussie Falls with Iron Ore

NZ Dollar Gains on Export Price Data, Aussie Falls with Iron Ore

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • NZ Dollar Gains on Exports Price Data, Aussie Falls with Iron Ore
  • British Pound May Tick Downward if Construction PMI Disappoints
  • Access Real-Time FX Markets Analysis with DailyFX on Demand

The New Zealand Dollar outperformed in overnight trade, rising as much as 0.4 percent on average against its leading counterparts. The move followed data from ANZ showing the price of New Zealand’s commodity exports on global markets jumped 4.6 percent in March, marking the largest increase in 23 months.

The Australian Dollar proved weakest on the session, sliding as much as 0.5 percent against the majors. The move mirrored weakness in iron ore prices, which slid to the lowest level in at least seven months. Metal ores are the largest component of Australian exports, accounting for close to 31 percent total overseas sales.

UK Construction PMI data headlines an otherwise quiet economic calendar in European trading hours. The report is expected to show a slight slowdown in the pace of home-building sector activity in March. UK economic news-flow has cautiously deteriorated relative to consensus forecasts for the past two months, opening the door for a downside surprise. Such a result may undermine BOE rate hike bets and weigh on the British Pound, although significant follow-through is unlikely.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

TD Securities Inflation (MoM) (MAR)

0.4%

-

0.0%

23:30

AUD

TD Securities Inflation (YoY) (MAR)

1.5%

-

1.3%

23:50

JPY

Monetary Base (YoY) (MAR)

35.2%

-

36.7%

23:50

JPY

Monetary Base - End of Period (¥) (MAR)

295.9T

-

278.9T

0:00

NZD

ANZ Commodity Price (MoM) (MAR)

4.6%

-

4.2%

0:30

AUD

Job Vacancies (QoQ) (FEB)

0.8%

-

2.6%

0:30

AUD

Trade Balance (A$) (FEB)

-1256M

-1300M

-1003M

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

8:00

EUR

Italy Deficit to GDP YTD (4Q)

-

3.7%

Low

8:30

GBP

Markit/CIPS UK Construction PMI (MAR)

59.8

60.1

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0599

1.0680

1.0721

1.0761

1.0802

1.0842

1.0923

GBPUSD

1.4548

1.4680

1.4752

1.4812

1.4884

1.4944

1.5076

--- 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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