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Stocks drop on surprisingly hot inflation report, King dollar, cryptos decline - MarketPulse
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US inflation rises, euro edges higher
Posted 3 hours agoSharePrint
EUR/USD is in positive territory on Tuesday. Currently, EUR/USD is trading at 1.1935, up 0.20% on the day.
German ZEW Economic Sentiment slips
The closely-watched German ZEW Economic Sentiment index disappointed in April, falling to 70.6. This was down sharply from 76.6, and well off the consensus of 79.9. This was the first decrease since November 2020, but the index still remains at a high level, as financial experts still have relatively strong expectations for the German economy in the next six months. The drop is being attributed to concerns that consumer spending will decline due to tighter lockdown restrictions.
NZD dips ahead of RBNZ rate decision
Posted 6 hours agoSharePrint
The New Zealand dollar remains range-bound and is almost unchanged in the Tuesday session. Currently, NZD/USD is trading at 0.7028, down 0.02% on the day.
New Zealand business survey says inflation rising
The well-respected NZIER Business Confidence survey pointed to a slight improvement in business confidence in Q1 of 2021. A net 11% of businesses said they expected worsening economic conditions in the coming months, compared to 16% in the previous quarter. Based on the survey, NZIER projected that GDP would rise by about 2 per cent in the first quarter. The survey noted that cost pressures have been building up, which has led to higher prices. A red hot housing market forced the central bank to implement measures to discourage speculators, and higher inflation would likely require the RBNZ to reconsider its accommodative monetary policy.
NZD drifting ahead of Business Confidence
Posted 10 hours agoSharePrint
The New Zealand dollar continues to drift on Monday, after a quiet week. Currently, NZD/USD is trading at 0.7030, unchanged on the day.
Investors eye New Zealand Business Confidence
The well-respected NZIER Business Confidence, released each quarter, will be released later on Monday (tentative). The indicator declined by -70% in Q1 of 2020, at the height of the Covid-pandemic which shut down much of the New Zealand economy. Since then, Business Confidence has improved, reaching -6% in Q4. A reading in positive territory in Q1 could raise risk sentiment and boost the currency.
Euro pauses after solid week
Posted 11 hours agoSharePrint
The euro has posted slight gains in the Monday session. Currently, EUR/USD is trading at 1.1914, up 0.13% on the day. The euro has been on a steady decline since mid-February, but reversed directions and gained 1.19% last week, its best weekly performance since mid-December. If the upward trend continues, the euro could pressure the symbolic 1.20 line as early as this week.
The eurozone has experienced another wave of Covid cases, leading to tighter lockdowns in Germany and France, the bloc’s two biggest economies. Still, there was positive news on Monday, as eurozone retail sales posted a solid gain of 3.0%, rebounding from a decline of -5.2% and easily exceeding the consensus of 1.0%. The data has given a slight lift to the euro.
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