Australian Dollar
Expected Range 0.7030 – 0.7170
The Australian Dollar opens today testing 0.71 against the USD to open this morning at 0.7098 after a fairly quiet day. The Chinese data released yesterday came out fairly close to expectations with the Manufacturing PMI data coming out slightly below and then the Caixin Manufacturing data coming out slightly ahead of expectations to minimal effect on the AUD/USD cross rate. During overnight trade the US had a release of the ISM Manufacturing PMI data which came out slightly under estimates resulting in a 20 point gain for the AUD late in the day. The Reserve Bank of Australia will decide today whether or not they will move the Interest Rates at 2:30pm local time which will be the main focus for today.
New Zealand Dollar
Expected Range 0.6440 – 0.6620
The New Zealand Dollar is up 35 points from yesterday’s open after spending most of the day below yesterday’s open a late rally following the US manufacturing and personal spending data came in below expectations allowing the NZD to creep up to 0.6520 where it finds itself this morning. Tuesday will be another day with limited data, however Wednesday will be a busy day with Reserve Bank of New Zealand Governor Wheeler making a speech, the GDT Price Index and unemployment rate being released.
Great British Pound
Expected Range 2.0100 – 2.0510
The GBP had a positive day against the AUD, USD and NZD closing up against all three currencies. Initially bolstered by some positive Manufacturing PMI data which came in ahead of expectations (51.8) at 52.9. The markets then looked toward the release of the US data out and when that disappointed the GBP was able to make strong gains. The GBP opened up 230 points to open this morning at 2.0331 against the AUD while also buying 2.2120 NZD and 1.4436 USD. Following on from last night’s data we will have the construction PMI data released during the European session.
Majors
Expected Range N/A
The US released Core PCE Price Index, Personal Spending m/m and ISM Manufacturing data overnight and all came in below expectations. Further signs that the US economy is not going as well as the Federal Reserve would like and as a result casts a bit of doubt about a future rate hike in March during their next meeting and meant that the USD lost ground against most major currencies. The Eurozone had the release of manufacturing PMI data out of Germany, France, Italy, Spain as well as the Final Manufacturing PMI which came in exactly on expectations of 52.3.