The New Zealand Dollar rallied as commodity export prices rose the most in nearly two years while the Aussie followed iron ore prices lower.
NZ Dollar Gains on Exports Price Data, Aussie Falls with Iron Ore
British Pound May Tick Downward if Construction PMI Disappoints
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The New Zealand Dollar outperformed in overnight trade, rising as much as 0.4 percent on average against its leading counterparts. The move followed data from ANZ showing the price of New Zealand’s commodity exports on global markets jumped 4.6 percent in March, marking the largest increase in 23 months.
The Australian Dollar proved weakest on the session, sliding as much as 0.5 percent against the majors. The move mirrored weakness in iron ore prices, which slid to the lowest level in at least seven months. Metal ores are the largest component of Australian exports, accounting for close to 31 percent total overseas sales.
UK Construction PMI data headlines an otherwise quiet economic calendar in European trading hours. The report is expected to show a slight slowdown in the pace of home-building sector activity in March. UK economic news-flow has cautiously deteriorated relative to consensus forecasts for the past two months, opening the door for a downside surprise. Such a result may undermine BOE rate hike bets and weigh on the British Pound, although significant follow-through is unlikely.
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Published On Thu, Apr 2 2015, 07:11 GMT