1 Jul 2013
Flash: NZD and AUD outperforming – BNZ
FXstreet.com (New York) - According to the BNZ Research Team, “The NZD has started the week on the front foot - indeed, the NZD and AUD have outperformed over the past 24 hours, as a string of encouraging economic data has reinvigorated equity and commodity markets.”
The NZD/USD currently trades around 0.7815, close to a cent above where it opened yesterday. It’s worth noting, our risk appetite index (which has a scale of 0-100%) has bounced from 45.1% a week ago, to 60.9% overnight. “The recovery in risk sentiment has come as Chinese interbank liquidity fears have eased, economic data have restored faith in the global recovery, and Fed speakers have confirmed they will not snatch the QE punchbowl away prematurely.” the team adds.
The recovery in all things ‘risk’ continued overnight. The latest round of manufacturing PMIs mostly came in on the stronger side of expectations (with China perhaps the only exception), bolstering investor sentiment. Global equity markets notched up solid gains, and commodity prices recouped some of their recent losses. The CRB index is currently up around 0.8%, driven by a 1.5% rebound in the gold price and a 1.4% bounce in oil prices.
The NZD/USD currently trades around 0.7815, close to a cent above where it opened yesterday. It’s worth noting, our risk appetite index (which has a scale of 0-100%) has bounced from 45.1% a week ago, to 60.9% overnight. “The recovery in risk sentiment has come as Chinese interbank liquidity fears have eased, economic data have restored faith in the global recovery, and Fed speakers have confirmed they will not snatch the QE punchbowl away prematurely.” the team adds.
The recovery in all things ‘risk’ continued overnight. The latest round of manufacturing PMIs mostly came in on the stronger side of expectations (with China perhaps the only exception), bolstering investor sentiment. Global equity markets notched up solid gains, and commodity prices recouped some of their recent losses. The CRB index is currently up around 0.8%, driven by a 1.5% rebound in the gold price and a 1.4% bounce in oil prices.