FX News

FX Update: NZD Outperforms

Market Overview

• Worldwide coronavirus cases surpass 250.495 million with over 5.068 million official
• New Zealand has 2754 active cases of coronavirus with 190 new cases today and 1 death. Meanwhile, the Australian State of New South Wales reported 187 new cases and 4 deaths yesterday with Victoria reporting 1126 new cases with 5 deaths
• The S&P closed at a record level for the seventh straight day Friday while the NASDAQ has closed at a record level for 43 days this year.
• Federal Reserve’s Bullard expects more than 4% GDP growth in 2022 and 2 rate hikes
• ECB’s Lane says extensive accommodation is needed to build up inflationary pressure
• The New Zealand Dollar was the strongest major currency Monday

Major Announcements last week:
The RBA left rates unchanged at 0.10%
NZ Unemplyment for October droopped to 3.4% from 4.0% in September
US Federal Reserve maintained their cash rate at -0.25% with a reduction of Bond Purchases
The Bank of England voted 2-7 to keep their interest rate unchanged at 0.10%
Canadian Unemployment for October drops to 6.7% from Setember’s 6.9%
Non-Farm Payroll came in at 531k vs 455k expected

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