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Kiwi rises on robust jobs data

Economies.com
2020-08-05 17:23PM UTC

The New Zealand dollar rose on Wednesday, after the release of strong jobs data that beat analysts' expectations.

 

The data showed that New Zealand's AIG construction index rose to 42.7 points in July, vs. 35.5 points in June.

 

The unemployment rate fell to 4% in July vs. 4.2% in June, beating forecasts of 5.6%, and the employment change reading showed a drop by 0.4%, also better than forecasts of a drop by 2%.

 

Most countries around the world are still trapped in the fight against the coronavirus crisis, infections rose to more than 18 million confirmed cases globally yesterday, but New Zealand is one of the least countries with cases and deaths, after it has succeeded in containing the outbreak early.

 

As of 17:21 GMT, NZD/USD rose 0.4% to 0.6651, after hitting an intraday high of 0.6674 and a low of 0.6617.

Oil maintains gains after US crude inventories data

Economies.com
2020-08-05 17:28PM UTC

Oil prices continued to rise on Wednesday, as the US dollar slumped against most major currencies, and after the release of US inventories data, which raveled a larger-than-expected drop in stockpiles.

 

The US Energy Information Administration (EIA) showed today that the US crude inventories fell 7.4 million barrels during the past week, beating forecasts of a drop by 4 million barrels.

 

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell 8.6 million barrels during same period.

 

The dollar index fell against a basket of currencies by 0.7% to 92.6 points as of 17:15 GMT, after it hit a high of 93.2 and a low of 92.6.

 

As of 17:10 GMT, West Texas Intermediate crude rose 1.5% to $42.3 a barrel, after it hit a high of $43.5 and a low of $41.4.

 

Brent rose 2% to $45.3 a barrel, with a high of $46.2 and a low of $44.2.

Dollar deepens losses on weak economic data

Economies.com
2020-08-05 17:33PM UTC

The US dollar fell against most currencies on Wednesday, to deepen its losses due to disappointing jobs data in the US.

 

Coronavirus infections rose to 18.3 million confirmed cases globally, with more than 4.8 million in the US alone, which has renewed concerns over the return of the public lockdown restrictions.

 

The US government revealed its contract with the company Johnson & Johnson to provide 100 million doses of its coronavirus vaccine worth $1 billion.

 

ADP data showed today that the US private sector has added 167K new jobs last month, much lower than forecasts of 1.2 million new jobs. Which comes ahead of the monthly jobs report on Friday.

 

The dollar index fell against a basket of currencies by 0.7% to 92.6 points as of 17:23 GMT, after it hit a high of 93.2 and a low of 92.6.

Palladium consolidates gains above $2,200/oz

Economies.com
2020-08-05 13:57PM UTC

Palladium prices rose on Wednesday, on strong demand for industrial and precious metals, following positive news about coronavirus vaccines.

 

The dollar index fell against a basket of currencies by 0.8% to 92.6 points as of 13:43 GMT, after it hit a high of 93.2 and a low of 92.6.

 

Palladium was lifted by news that the US and other countries have reached deals to buy millions of doses of promising coronavirus vaccines.

 

The company Johnson & Johnson revealed its contract with the US government to provide 100 million doses of its coronavirus vaccine.

 

The US government also has reached deals with Pfizer and BioNTech to buy their vaccine, in addition to the promising Moderna vaccine.

 

Palladium September futures rose 2.3% to $2,220 an ounce as of 13:45 GMT, after hitting a high of $2,223 and a low of $2,157.

Frequently asked questions

What is the price of NZD/USD today?

The price of NZD/USD is $0.6058 (2025-07-04 23:55PM UTC)