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NZD Remains Poorest Performer, DXY Unchanged Ahead Of NFP

FOREX
  • Despite the firmer sentiment across equity markets through the US session on Thursday, antipodean currencies have consolidated earlier losses. This sees NZD as the weakest in G10, declining 1% against the greenback amid a slightly weaker commodity complex. Despite the sharp drop, price remains around 50 pips shy of the weekly lows at 0.6208.
  • In similar vein, AUDUSD is 0.6% lower as iron ore prices continue their slide to around 6% on the week.
  • Overall, the USD index remains just south of unchanged as we approach tomorrow’s non-farm payrolls. The single currency has outperformed and has prompted EURUSD to regain some ground back above the 1.09 handle.
  • With 1.0930 marking a key short-term hurdle for EURUSD bulls a sustained break would reinstate the recent bull theme and signal scope for a move to 1.1033, the Feb 2 high.
  • USDJPY maintained an upward bias, edging around 1% higher from the overnight 130.78 lows but remains comfortably below the pre-JOLTS data levels of 132.70.
  • For tomorrow’s data, Bloomberg consensus looks for still solid nonfarm payrolls growth of 230k in March as it falls back to closer to December’s pace with a return of more typical weather. However, actual expectations might be a little lower now after a recent string of weak data labour indicators.
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