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Can trade data extend New Zealand dollar gains today?

business-articlesCan trade data extend New Zealand dollar gains today?
  • Narrowed New Zealand trade deficit could boost New Zealand dollar

  • Pound support limited amid Brexit uncertainty

  •  US dollar under pressure despite end of government shutdown in sight
     

    New Zealand dollar looks for boost on trade data

     
    Demand for the New Zealand dollar could pick up further over the course of the day as markets brace for the latest New Zealand trade data.
     
    Forecasts point towards December’s trade deficit narrowing on the month, driven by an improvement in export volumes.
     
    This could encourage the New Zealand dollar to push higher across the board this evening, with stronger trade data painting a more encouraging picture of the wider economic outlook.
     
    Any disappointment, however, could see NZD exchange rates falling sharply tonight.
     
     

    Pound support muted in absence of Brexit optimism

     
    After making significant gains last week on the back of a bout of Brexit optimism the pound could struggle to find support today.
     
    With the current odds of a no-deal Brexit already priced into GBP exchange rates the potential for any fresh gains looks limited.
     
    Fresh political developments could still see the pound pushed lower across the board, though, if Parliament appears no closer to moving towards an agreement.
     
    As the March Brexit deadline continues to draw closer the pound remains exposed to a persistent sense of uncertainty.
     
     

    Continued government shutdown limits US dollar appeal

     
    As the longest US government shutdown in history shows signs of coming to an end the US dollar remains under pressure.
     
    The disruption caused by the shutdown is likely to have a detrimental impact on the first quarter US gross domestic product as growth momentum falters.
     
    Worries over the current state of the political landscape could keep the US dollar on the back foot for the foreseeable future.
     
    With the release of fresh domestic data limited as a result of the recent shutdown, USD exchange rates may struggle to find any particular rallying point.
     
     

    Upcoming Data:

     
    Monday, 28th January 2019
    21:45 NZD Trade Balance

     

Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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