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Kiwi jumps to two-week high on bullish interest rate forecasts

News Date: 23/8/2016 05:01:27
Update Date: 23/8/2016 05:09:02
 
The New Zealand dollar surged to two-week highs against the U.S. dollar after the central bank forecast cutting rates by just 0.35% in the near future, much less than what most analysts expected, which is a bullush statement on the economy that lent the kiwi support against rivals.

Kiwi last traded at 0.7324, up a strong 0.70% against the greenback, after hitting a two-week high at 0.7340.. while the U.S. dollar index fell 0.20% against a basket of major rivals to 94.33.

Oil prices widened their losses as investors lose hope in a global deal to freeze production, with Brent crude futures down 1.14% to trade at $48.60 a barrel, while U.S. crude futures gave up 1.29% to hover around $46.81 a barrel.

Safe havens on the other hand gained some ground as risk appetite wanes, with silver futures surging 13 cents, or 0.71% to $19.00 an ounce, while gold prices added a dollar to trade at $1,344 an ounce.

Investors await an array of data later today, with the U.S. flash manufacturing PMI expected to rise to 53.1 in August from July's 52.9, which could help the dollar today.

Also from the U.S., new home sales are forecast to have fallen to 575 thousand units in July from June's 592K, which would indicate slower pace for the housing sector in the world's largest economy.

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