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Asia Pacific Market Open Talking Points
- GBPUSD gains as UK wage growth and employment gains surprise better
- NZDUSD declines extend into a second day as US Dollar generally gains
- AUDUSD looking to Chinese CPI data after a mixed day on Wall Street
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The British Pound outperformed against most of its major counterparts on Tuesday, supported by a set of solid UK economic data. Following dismal manufacturing data yesterday, GBPUSD rose after better-than-expected local wage growth in April. The nation also unexpectedly added more jobs than anticipated at 32k, but this pales in comparison to March’s 99k increase.
On the flip side of the spectrum, the pro-risk New Zealand Dollar sunk, extending modest declines into a second day absent a clear catalyst. Its depreciation has been accompanied by a cautious pickup in the higher-yielding US Dollar as July Fed rate cut expectations softened. US front-end government bond yields are aiming narrowly to the upside ever since President Donald Trump canceled tariffs on Mexico.
This perhaps may have been one of the reasons why the S&P 500 trimmed gains it accumulated after Tuesday’s gap following indecisive technical signals as it ended the day 0.03% lower. The index was lead lower today by Boeing (-1.26%) as orders for several 737 Max were canceled. Health care shares also weighed down the index over the past 24 hours.
New Zealand Dollar Technical Analysis
NZDUSD finds itself down about 1.2% from Friday’s close after prices were unable to clear highs achieved in late April. The pair still sits above the falling trend line from late March, hovering around 0.6592. Further weakness opens the door to testing 0.6501, but IG Client Positioning is hinting that gains could resume ahead as net-long trades are unwound.
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NZD/USD Daily Chart
Chart Created in TradingView
Asia Pacific Wednesday Session
S&P 500 futures are little changed heading into Wednesday’s Asia Pacific trading session, hinting of a mixed start to come in regional bourses. The Australian Dollar could be volatile to upcoming Chinese CPI data for May, but recent performance of economic data out of the world’s second-largest economy suggests that outcomes are tending to result closely in-line with analysts’ expectations.
FX Trading Resources
- See how the Australian Dollar is viewed by the trading community at the DailyFX Sentiment Page
- See our free guide to learn what are the long-term forces driving US Dollar prices
- See our study on the history of trade wars to learn how it might influence financial markets!
— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter