Are Oceania's Currencies Performing Well?
14.04.2021
- U.S. Federal Reserve District Economic Reports (Beige Book)
- Remarks by ECB President Lagarde
Yesterday, European and U.S. markets saw mixed trading, with the Dow Jones Industrial Average closing at $33,677, down 0.2% from the previous day, resulting in a market characterized by flat stock prices and lower interest rates.Crude oil is beginning to break out of its sideways trend and is rising toward $60. This was partly influenced by OPEC’s upward revision of its oil demand forecast for fiscal year 2021.
In the foreign exchange market, while cross-yen pairs are falling, Oceania currencies are rebounding sharply. While the USD/JPY pair is struggling to recover from its drop to 108.7, the NZD/JPY pair has surged, rising from 76.7 to 77.2.The Reserve Bank of New Zealand’s policy rate, announced today, was held steady at 0.25% as expected, providing a sense of reassurance to the market.
Today’s schedule includes the release of the Eurozone Industrial Production figures at 18:00 European time, the U.S. Import Price Index at 21:30 U.S. time, and remarks by Kaplan, President of the Dallas Fed, at 22:15 U.S. time:Dallas Fed President’s remarks at 22:15, remarks by ECB President Lagarde at 23:00, remarks by Fed Chair Powell at 25:00, the Federal Reserve’s Beige Book at 27:00,at 27:30, remarks by Williams, President of the New York Fed; at 28:45, remarks by Clarida, Fed Chair; and at 29:00, remarks by Bostic, President of the Atlanta Fed. We will be closely monitoring how today’s key speeches affect currency dynamics.
Author: Keisuke Sakurai
