NZD/USD opened at 0.7560 and traded 0.7458-0.7566 in the Asian session. The pair tumbled from 0.7551 to be low 75 cents on the disappointing New Zealand jobs data. Slow wage growth was a main factor behind the slid in the kiwi as it raised speculation of a rate cut. NZD/USD as a consequence fell towards support at 0.7460 based at 0.7458.
EURUSD was buoyed thanks to a weaker dollar which fell after a larger-than-expected US trade deficit on Tuesday. Greece is still a main concern. Risk events coming up are Eurozone retail sales and services PMI out today followed by US ADP jobs data.
USD/JPY opened in Asia at 119.82 after a big tumble on Tuesday following the US trade deficit figures. Data showed the deficit on the US trade balance jumped 43.1% to $51.4 billion in March, the highest level in nearly 6-1/2 years. In Asia today the pair consolidated in quiet trading due to the holiday in Japan, leaving the pair sidelined in a 19.82/120.05 range. Next big risk event for the USD will be Friday’s nonfarm payrolls.
GBPUSD opened in Asia at 1.5182 moving off yesterday’s low of 1.5090. Focus will be on UK services PMI data later in the London session. Meanwhile, Thursday’s UK elections will be the big risk event.
AUD/USD opened on Wednesday at 0.7942 and traded a 0.7918-75 range in Asia. The pair fell in sympathy with the NZD after the New Zealand jobs data but then rose to 0.7973. Tuesday’s RBA rate cut did not have a negative impact as markets chose to focus on the RBA statement instead which removed the easing bias.