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NZD higher on stunning jobs report

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Forex news for Asia trading on
Wednesday
4
August 2021 

The
New Zealand dollar was a mover higher on the session, prompted by a
huge drop in the unemployment rate shown in the latest employment
report (see bullets above). All four of New Zealand’s biggest banks are now
forecasting a 25bp rate hike from the Reserve Bank of New Zealand in each of August, October and November. These would take the cash rate to 1%.

NZD/USD
is above 0.7050 as I update, the best of the majors here today.

Elsewhere
across major FX the moves have been smaller, with the USD a little
lower in general. USD/JPY is an exception, its a few points up on its circa 108.95 low.

Regional
equities have not followed the higher moves on Wall Street with much
gusto; China, HK and Australia are all up while the Nikkei225 in
Japan is down.

Oil
is not a lot changed from late US trade levels while gold is up a
couple of dollars. Bitcoin trades just above $38K.

On
the coronavirus news front the outbreaks in Australia are holding
around their recent high daily new case counts. Japanese
authorities are considering widening states of emergency nationwide
to address the ongoing spread in the country. 

Coming up is a Fed speaker worth paying attention to, here’s why:

Clarida is speaking from 10am NY time Wednesday, which is 1400GMT.

NZD/JPY higher on the session:

Forex news for Asia trading onWednesday4August 2021 



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