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Summary
The united currency was supposed to be the first step on the road to the European future. The financial rationalization brought about by the elimination of national currencies was designed to draw the disparate economies of the continent together, to help them, in the term of the Maastricht treaty, converge. In reality, the euro has had almost the opposite effect. Instead of melding it's has diivided. German unemployment is half that of Italy and France. German exports and manufacturing thrive while French and Italian trade declines. One need look no further for the source of populist political anger than the disparate gifts of the euro.
Can the united currency be remade to serve the interests of all its citizens? Can the euro be saved?
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NZD/USD: All eyes on RBNZ guidance and new Governor Breman's debut
NZD/USD opened Tuesday at 0.60344, reached a high of 0.60520 and a low of 0.60044, and closed at 0.60480, down 0.22%. The pair is holding well above the 50-day Exponential Moving Average at 0.59041 and the 200-day EMA at 0.58545, with both averages rising and spaced roughly 50 pips apart, confirming the underlying bullish trend that began from the January low of 0.57110.
AUD/USD extends the bounce, focus back to 0.7100
AUD/USD adds to Monday’s optimism and approaches the key 0.7100 barrier ahead of the opening bell in Asia. The pair’s positive performance comes as investors keep assessing the hawkish tilt from the RBA Minutes and despite humble gains in the Greenback. Next in Oz will be the Westpac Leading Index and the Wage Price Index.
Gold remains offered below $5,000
Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.
RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation
The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.
UK jobs market weakens, bolstering rate cut hopes
In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.
Here is what you need to know on Wednesday, February 18:
The United States (US) released the four-week average of the ADP Employment Change, which showed the private sector added 10.3 K jobs, beating the previous week 7.8K.