Published at 00:06 (GMT) 20 Mar
Herald: NZ's migration hit a new record in the year through February, driven by more arrivals and fewer departures.
NZ had a net gain of 55,100 migrants in the year through February, almost double the 29,000 gain in the year earlier period. Migrant arrivals rose 16% to a record 112,600, while departures fell 15% to 57,500, the lowest level of departures since 56,700 in the November 2003 year, the agency said.
NZ annual migration has broken records for a seventh consecutive month as NZ's economic prospects look brighter than many other countries. That's helping stoke economic activity, pushing up demand for housing and cars while also reducing pressure on wage inflation by boosting the supply of labour.
On FX, another record migration, seen putting pressure on the housing markets. Thus RBNZ will not be able to cut OCR despite low inflation, with growth still strong. NZD/USD supported by the strong migration numbers. Now at 0.7421, vs NY lows of 0.7373. As AUD/NZD under pressure at 1.0315-20, eye break of 1.03, for test of new lows below 1.0280-90. Given stronger NZ outlook vs Australia. AUD/NZD offers at 1.0350-60/1.0400.
NZD/USD bids at 0.7350-60, offers at 0.7420-50. Greenback recovered most of its post dovish Fed losses. EUR/USD back at 1.0680-85, off lows of 1.0613 - ongoing concerns over Greece. USD/JPY at 120.75-80, off highs of 121.04.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.