The New Zealand Dollar made a jump at 4am GMT today, during a press conference where New Zealand Prime Minister Jacinda Ardern announced that the country would be ending its Level 4 lockdown at the end of Monday 27th April, one week from now. New Zealand will move back down to Level 3 of its alert phase.
Immediately after the announcement was made, the NZD rose...
On the 12th of April, the OPEC alliance, headed by Saudi Arabia, and Russia reached an agreement to cut the production of oil by 9.7 million barrels per day until June, effectively ending the ongoing price war between the two countries. As well as this they will continue to restrain output for at least the next two years. Following this news oil was able to climb...
US stocks extended losses at the close of yesterday’s trading session as news came that US retail sales had dropped 8.7% from February to March, according to a report from the Commerce Department.
The Dow Jones, S&P 500, and NASDAQ fell 1.9%, 2.2% and 1.4%, respectively. The Dow is now currently trading at 23,400 points.This news comes as no surprise, as the...
GBP/USD, which had been steadily making sharp moves to the upside in recent days, has now broken that streak to trade lower, with a modest decrease of 0.17% from the previous day’s trading session, now down to 1.2604. If the pair is to continue moving lower, it will meet support at the 1.2460 level.
Prior to this the Pound/Dollar pair had been trading at a four...
Back in the beginning of March, I predicted that gold would hit $1,700 by the end of the month. And while it has taken just two weeks longer than that to do so, it has nevertheless reached expectations. Over the past few days gold has hit 7 year highs, and is currently trading above $1,720, showing no signs of stopping.
There was a delay in the yellow metal...
In its latest meeting on Tuesday, the Reserve Bank of Australia decided to leave the interest rate for the Australian Dollar unchanged from its current record low of 0.25%. In a statement, the RBA said that they would not increase the rate until they were confident that the inflation rate would increase at the target rate of 2-3%. As expected, they were concerned...
The New Zealand Dollar has been relatively stable over the past few days, owing to a lack of major global news. Countries around the world are beginning to stabilise their rate of coronavirus infections, after entering various states of lockdown. Spain, which had been one of the latest countries to be hit hard by an outbreak, has finally reported a decreasing rate...
UK Prime Minister Boris Johnson has now been placed in intensive care, following an admittance to hospital just a few days prior. For now his duties have been taken over by Foreign Secretary Dominic Raab. While a spokesperson from 10 Downing Street has said that Johnson was moved due to his condition worsening, they also stressed that he was still conscious and...
On Friday, the Non farm payroll data was finally released for the month of March. From the 8th-14th March, 701,000 jobs were lost in the United States, far exceeding predictions of 100,000. This is the highest figure of jobs lost in 11 years, and is only the start. The first state to come under lockdown, which was California, only started on the 20th. Therefore it...
This week’s jobless claims more than doubled last weeks’ record high, reaching 6.648 million. Last week’s figure of 3.28 million jobless claims was already 5 times larger than the previous record of 700,000. And now it has doubled this new figure again.
Economists have taken this as a sign that the government stimulus packages are already too late, with more...
Despite a drop in the Nikkei 225, Japan’s stock index, the Japanese Yen has seen 3 straight days of gains now against the US Dollar. In contrast, the Nikkei dropped back below 18,000 points, a one week low.
Traditionally a very stable currency pair due to both currencies being strong safe havens, USD/JPY was steadily rising in the months leading up to March....
As covered last week, there is currently a shortage in gold due to the recent high demand. While there is a shortage in gold, it is not the traditional kind of shortage. There is still enough gold, but the problem is that due to the travel restrictions, it is very difficult to actually deliver it into New York, where the COMEX futures are delivered.
Of course,...
This week’s US jobless claims data has hit unprecedented numbers, jumping to 3.28 million. Initial expectations of 1-1.5 million, which was still a very high estimate, were blown out of the water.
In response to this news, the Dow Jones Industrial Average, which had been on a resurgence in the past 3 days, is now reversing once again. Over the past few days, the...
The New Zealand Dollar is fighting it’s way back up as the country enters it’s first official day of nationwide lockdown. It posted a 0.67% gain for the trading day, up to 0.58390 cents against the US Dollar. Just a week ago the NZD had dropped to 0.56, and looked ready to hit the 55 cent mark, as news broke of Air New Zealand’s layoffs.
Similar movement can be...
The Nikkei 225, or Japanese Stock Index had an 8% gain for the day, following on from its 7% gain from the previous day. Less than a week ago the Nikkei had just hit lows not seen since 2017, falling below 20,000 points. However in just 2 days it has made back its losses and is now rapidly on the rebound back to the 20,000 mark.
As well as this, other Asian...
Yesterday, the US Federal Reserve announced extensive new measures in order to help the US economy. This included a new asset purchase program, which included the purchasing of corporate bonds for the first time since the 2008 financial crisis.
These announcements were able to stop most of the day’s losses, but the US stock indices still managed to finish the...
Crude Oil has rebounded back to above $25 per barrel, with a 25% gain for the day. This is one of the biggest single day gains in oil’s history. This rebound comes after WTI had seemingly hit rock bottom, reaching $20/barrel just a day earlier.
Similarly, Brent oil also recovered from a near 17 year low, back up to $27 a barrel.
WTI had been consolidating at the...
The US Dollar has been making sharp moves as the only market trading in the green in the current economic crisis. On the US Dollar Index (DXY), the greenback has been living up to its name by making steady gains since the 9th of March, rising from below 95 points to above 101, the highest it has been since 2017.
This gain in the USD has been due to the fact that...
