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NZD Top Of The Pile In Early Trade

FOREX

A subdued start to the session with most pairs respecting tight ranges after a lack of impetus was a theme on Friday. NZD is top of the G10 pile so far with NZD/USD up 9 pips. New Zealand's trade deficit widened in June, the 12-month ytd deficit widened to NZD 252m from a revised NZD 41m. Exports rose to NZD 5.95bn while imports rose to NZD 5.69b.

  • AUD/USD is up 2 pips, the local COVID situation continues to dominate the narrative with reports that Sydney is to announce an extension of the lockdown today. The current lockdown runs to July 30 and is expected to be extended to mid-September.
  • JPY is flat, USD/JPY hovering around neutral levels. Japanese markets return after the elongated weekend, with PM Suga's approval rating on the slide on the back of the domestic COVID/Olympics situation. Markets await July preliminary PMI data.
  • Offshore yuan is weaker, USD/CNH is up 27 pips but still will within Friday's range. US Deputy Sec of State Wendy Sherman will meet Chinese Foreign Minister Wang Yi today.
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