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Upbeat NZ GDP Supports Kiwi, Australian Jobs Data Eyed

FOREX

NZD received a boost from a beat in domestic Q2 GDP data, with the economy growing 2.8% Q/Q in the three months through Jun 31. The actual print topped BBG median estimate (+1.1%) as well as the projections of all economists taking part in the survey. The kiwi went bid against all of its G10 peers, despite the backward-looking nature of the report, which covered a period before the latest outbreak of Covid-19.

  • Trans-Tasman spillover inspired an uptick in most AUD crosses. The Aussie still trades on a slightly firmer footing, ahead of the release of the local labour market report. Consensus looks for an 80K fall in the headline employment figure, driven by the widespread lockdowns evident during August.
  • The yen underperforms the rest of the G10 pack as U.S. e-minis remain (marginally) in the green after Wednesday's positive session on Wall Street.
  • Australian jobs data headlines the Asia-Pac docket today, with U.S. retail sales & jobless claims as well as Canadian housing starts & trade balance coming up later in the day. Speeches are due from ECB's Lagarde & Rehn.
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