Are Oceania's currencies performing well?
14.04.2021
- U.S. Federal Reserve District Economic Report (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 falling interest rates. Crude oil prices are beginning to break out of their sideways trend and are rising toward $60. This was partly due to 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 RBNZ’s policy rate, announced today, was kept unchanged at 0.25% as expected, providing a sense of relief to the market.
Today’s schedule includes: Eurozone Industrial Production at 18:00 CET, U.S. Import Price Index at 21:30 ET, remarks by Kaplan, President of the Dallas Fed, at 22:15 ET, remarks by Lagarde, ECB President, at 23:00 CET, remarks by Powell, Fed Chair, at 25:00 ET, and the Beige Book at 27:00 ET(Beige Book), remarks by New York Fed President Williams at 27:30, remarks by Fed Chair Clarida at 28:45, and remarks by Atlanta Fed President Bostic at 29:00. We will be closely monitoring how today’s key speeches affect currency dynamics.
Author: Keisuke Sakurai
