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Weekly roundup: AUD, NZD benefit from weak USD demand ahead of New Year

currency-newsWeekly roundup: AUD, NZD benefit from weak USD demand ahead of New Year
The latest disappointing US data releases helped the Australian dollar and New Zealand dollar to make several advances during the period between Christmas and New Year.

Weakness in the US dollar over the Christmas period saw risk appetite heat up, boosting the Australian dollar and New Zealand dollar against their safer peers.

Poor US consumer confidence and trade balance figures, released on the 27th and 28th respectively, kept demand for the safe-haven weak.

This was fortuitous timing for AUD and NZD, as the only data on the domestic calendars for Australia and New Zealand combined were the Australian private sector credit figures for November on Friday 29th.

With little to provide support from a domestic front, the Australian dollar and New Zealand dollar had to rely on global market conditions; conditions that happened to be favourable.

The New Year didn’t start well for the New Zealand dollar, however, with the latest Global Dairy Trade auction revealing a -3.9% drop in the dairy price index.

Five of the last six auctions have resulted in a strong fall for dairy prices, boding ill for New Zealand’s chief export and therefore the fate of the domestic economy in the year ahead.

There is no New Zealand data set for release for the rest of the week, but the Australian calendar holds a few publications of note.

Wednesday sees the release of the CBA services and composite services PMIs for December, as well as the more influential AiG performance of service index for the same period.

November’s Australian trade balance data is scheduled for release on Friday; as forecasts are for a near AU$450 million increase in the trade surplus, the Australian dollar could receive a significant boost.
 
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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