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NZD Gains On Upbeat Jobs Report, Risk-On Flows Underpin Commodity FX

FOREX

Robust Q1 jobs data released out of New Zealand provided some early support to the kiwi, as the unemployment rate unexpectedly nudged lower, amid above-forecast employment growth & uptick in participation. Initial enthusiasm waned but NZD remained buoyant as the risk switch across the broader G10 FX space was flicked to on.

  • AUD gained alongside its cousin from across the Tasman, as the Antipodeans led commodity-tied FX higher. Firmer crude oil prices underpinned high-betas in the Asia-Pac session.
  • The DXY unwound some of yesterday's gains as participants moved on after U.S. Tsy Sec Yellen's comments re: potential for higher interest rates, while e-minis crept higher.
  • Liquidity in the region was limited by market holidays in mainland China, Japan & South Korea.
  • A number of Services PMIs from across the globe, U.S. ADP employment report take focus on the data front. Fed's Evans, Rosengren & Mester, BoC's Macklem and ECB's Lane will provide central bank speak.
Energy BulletsCommodities
Energy BulletsCommodities

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