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GBPUSD Spikes Higher, NZDUSD Outperforms, EURUSD Soft - US Market Open

GBPUSD Spikes Higher, NZDUSD Outperforms, EURUSD Soft - US Market Open

Justin McQueen, Strategist


NZD: The Kiwi is soaring this morning after the RBNZ delivered a somewhat less dovish than expected monetary policy report. Heading into the rate decision, markets had been notably short heading into the meeting following a raft of dovish pivots from central banks (namely the Fed and RBA). As such, while the RBNZ flagged a challenging external environment, they had been somewhat optimistic on the domestic front thus providing a lift in NZD.

GBP: UK inflation dropped below 2% and hitting its lowest level in 2yrs. However, given that the BoE outlook is largely tied to the developments surrounding Brexit, GBP saw a somewhat limited reaction. Elsewhere, with trade somewhat quiet throughout the European morning, GBPUSD quickly rose to highs of 1.2959 amid touted sizeable buy orders ahead of the 12pm Fix.

EUR: The Euro is slightly softer throughout the session with the 1.13 handle back in focus. Weak Eurozone industrial production figures (lowest in 10yrs) and risks attached to potential Spanish snap elections have kept the Euro on the backfoot.

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Follow Justin on Twitter @JMcQueenFX

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