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Collinson FX: August 15, 2018 - NZD drops further

by Collinson FX 15 Aug 2018 00:02 BST 15 August 2018
Oceanbridge NZL Sailing Regatta, Day 2, February 5, 2018 © Yachting New Zealand



Collinson FX: August 15, 2018 - Trade wars hit NZD again

Update 15 Oct 2018 @1115: The NZD/USD is now at 0.6576 for the current rates see: collinsonco.com/forex-fx

Markets recovered some ground overnight, with a rebound in the Turkish Lira, while another terror attack hit London’s Parliament. Chinese Retail Sales and Industrial Production were steady, while employment was weaker, not inspiring over-confidence. German GDP was flat, although overall EU GDP crept up to 2.2%, confirming the improvement cited by the ECB recently. This did little to assist the EUR, which continued to shed ground, falling to 1.1330. The Dollar remains on a bull-run, supported by strong economic growth and tightening monetary policy. German economic sentiment remains steady, confirmed by the ZEW report, although overall EU sentiment drifted.

Chinese data did little to interrupt the wounded commodity currencies. Trade winds buffet these trade exposed countries and currencies. The reserve continues to rally strongly, pushing the AUD back to 0.7230, while the NZD held just above 0.6550. The ‘trade wars’ remain a major driver of these currency moves, while a China/US trade agreement, may underwrite some sort of recovery.

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