Up to 75% of businesses in the UK are currently unprepared for Brexit, according to a recent study by the Institute of Directors.
- US dollar to rise on jump in existing homes sales?
- Disappointing New Zealand retail sales could dampen sentiment in NZD
- Yen to face pressure following Japan’s machinery orders
On Monday, the US dollar slipped against a handful of currencies as the Chicago Fed National Activity Index slipped close to a three year low of -0.45.
The US dollar could however rise this afternoon following the release of the US existing home sales.
If it is revealed by the National Association of Realtors that housing market conditions have improved by more than forecast, it could buoy the ‘greenback’.
NZ retail sales and GDT auction weigh on the New Zealand Dollar
Yesterday the New Zealand dollar edged up against most currencies despite heightened tensions between the US and China as Google suspended some business with Chinese telecoms giant, Huawei.
Data this morning revealed that NZ credit card spending had remained static at 4.5% , which could be a harbinger for disappointing retail sales later in the day and has caused sentiment in the ‘kiwi’ to be dampened.
Also impacting NZD will be today’s global dairy trade results, which are expected to fall.
Weak Japanese machinery orders may impact yen
On Monday, data revealed that Japan’s economy unexpectedly expanded during the first three months of 2019, however soft patches in the data weakened the yen.
At the start of Wednesday’s Asian session the Japanese yen could slide following the release of March’s machinery orders.
If the data shows that the total value of machinery orders slides further than forecast the Yen could fall.
15:00 USD Existing Homes Sales (April)
23:45 NZD Retail Sales (Q1)
00:50 JPY Machinery Orders (March)
Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure
Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)