MNI BRIEF: Every BOE Meeting Now "Live", MPC's Taylor Says

MNI: US FINAL SERVICES PMI 51.0 (FLASH: 49.7); JAN 52.9

MNI BRIEF: Canada Budget Office Says Trade War Cuts Output 2%

US: Trump To Meet Hardliners At White House, Advocate For Year-Long Funding Bill

MNI CBRT WATCH: Feb Data Supports 250Bps Cut, Slowdown Seen

MNI BRIEF: China New CPI Target Reflects Downward Pressure

US EIA: CRUDE OIL STOCKS EX SPR +3.61M TO 433.8M FEB 28 WK

MNI: US JAN FACTORY ORDERS +1.7%; EX-TRANSPORT NEW ORDERS +0.2%

MNI: US ISM FEB SERVICES COMPOSITE INDEX 53.5

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FOREX: NZD/USD Circling YTD Lows as Trump Unnerves Risk

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The recovery off lows for USD/JPY continues early Friday, with the pair showing above the mid-week high at Y150.30, narrowing the gap with Y150.95 resistance - the 38.2% retracement for the downleg posted off the mid-February high of Y154.80.
  • The greenback trades well, helping EUR/USD and GBP/USD remain well off the week's best levels (and in the case of GBP/USD, the YTD high). NZD/USD is extending losses following the close below the 50-dma yesterday, with Trump's resolute approach to tariffs yesterday adding extra weight to risk sentiment.
  • While NZD may have been able to shrug off Canadian and Mexican tariff pressures, the uncertainty surrounding a doubling of tariffs on China (from 10% to 20%) as soon as next week has unnerved markets, and will keep markets pondering a revisit to the YTD lows of 0.5516 in the near-term.
  • MNI Chicago PMI is the calendar highlight Friday - which may take on greater importance given the particularly interesting regional Fed activity indices we've had this week, which are flagging heightened business uncertainty around both prices and international trade in the light of tariff threats.
  • Personal income/spending and PCE price indices for January are also due - with the inflation gauge expected to come in broadly unchanged from the December print - keeping the Fed on track for two further 25bps rate cuts in 2025.
220 words

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.
  • The recovery off lows for USD/JPY continues early Friday, with the pair showing above the mid-week high at Y150.30, narrowing the gap with Y150.95 resistance - the 38.2% retracement for the downleg posted off the mid-February high of Y154.80.
  • The greenback trades well, helping EUR/USD and GBP/USD remain well off the week's best levels (and in the case of GBP/USD, the YTD high). NZD/USD is extending losses following the close below the 50-dma yesterday, with Trump's resolute approach to tariffs yesterday adding extra weight to risk sentiment.
  • While NZD may have been able to shrug off Canadian and Mexican tariff pressures, the uncertainty surrounding a doubling of tariffs on China (from 10% to 20%) as soon as next week has unnerved markets, and will keep markets pondering a revisit to the YTD lows of 0.5516 in the near-term.
  • MNI Chicago PMI is the calendar highlight Friday - which may take on greater importance given the particularly interesting regional Fed activity indices we've had this week, which are flagging heightened business uncertainty around both prices and international trade in the light of tariff threats.
  • Personal income/spending and PCE price indices for January are also due - with the inflation gauge expected to come in broadly unchanged from the December print - keeping the Fed on track for two further 25bps rate cuts in 2025.