The US dollar was soft overnight with the People’s Bank of China declaring that the yuan would be stable. Investors consolidated recent gains and focused less on trade tensions, raising the market’s risk appetite and prompting flows into other currencies such as the Euro and Australian dollar.

Investors are awaiting the release of the Federal Reserve’s June meeting tomorrow and Friday’s US jobs data for validation of policymaker’s forecast for 2 more rate hikes this year.

Australia’s trade surplus unexpectedly shrunk to AUD 827 million versus the $1.2 billion forecast. Their exports climbed to 4% while imports rose to 3% for May. However, their Retail Sales came in better than expected, printing at 0.4%.

Meanwhile, New Zealand’s Global dairy prices fell at the biggest pace this year at a fortnightly auction held earlier today. The index dropped 5 percent and could see a stronger corrective rally, courtesy of an upbeat China services PMI release.

FX Rates 04.07.18

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