Kiwi Jumps After Orr’s Speech
The New Zealand dollar was put on a strong bid after the positive comments of RBNZ Governor Adrian Orr. He noted that they will not need an unconventional monetary policy tool since many central banks are experiencing the same challenge. RBNZ is confident that the rates will remain low for several years to provide a great environment to invest.
The US dollar sharply gained on renewed US-China trade hopes after Trump suggested an agreement with China might come sooner than anyone thinks. However, some of the gains were pared due to impeachment bid against Trump. Treasury yields and futures also dropped.
Political headlines and trade developments will continually dominate the market this Thursday. But these major events should also be watched out for some trading incentives:
0600 GMT: German GFK Consumer Confidence Survey (OCT)
0800 GMT: Eurozone Economic Bulletin Report
1230 GMT: USD Weekly Jobs data (SEP)
1230 GMT: USD GDP and PCE (QoQ)
1330 GMT: ECB’s Draghi Speech
2330 GMT: JPY CPI (SEP)
NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.
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