Free Trial

Antipodeans Trade Well on Aussie Iron Ore Exports

FOREX

Antipodean currencies trade well, with the AUD, NZD among the best performers in G10 so far Thursday after markets found positivity in Australian trade balance data. The numbers saw iron ore exports reach a record high, boosting the headline surplus to just shy of A$7bln. AUD also saw some support from exporters, with AUD's strength feeding through well into NZD also.

After circling the handle yesterday, EUR/USD cracking through $1.20 support early Thursday, confirming an extension of the recent bearish trend. This narrows the gap with support at the 100-dma, today crossing at $1.1966.

GBP trades poorly ahead of the BoE rate decision later today. While headline policy is expected unchanged, there are some outside bets of rate cuts today and markets will be watching for the results of the Bank's discussions with lenders over the feasibility of negative interest rates.

Weekly US jobless claims and factory orders data also cross. ECB's de Cos, Fed's Kaplan and Daly are due to speak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.