NZ: Below average consumer confidence - ANZ

Sandeep Kanihama FXStreet Contributor

Research Team at ANZ notes that the NZ’s consumer confidence fell for the third straight week (down 1.0%), bringing the index to its lowest value since April 2016.

Key Quotes

“The weakness in confidence was driven by households’ concerns about both current and future economic conditions.”

“Households’ views on the 12-month economic outlook fell 3.3% last week, after a sharp 5.2% fall the previous week. Consumers were also less confident regarding future economic conditions, with the sub index falling a solid 3.5% last week.”

“Households’ views towards their current finances improved 1.0%, while views towards future finances were broadly flat (down 0.1%). The future finances sub index is now at its lowest level since October 2016, although both sub-indices remain above their long term averages.”

“The ‘good time to buy a household item’ sub-index rose 0.4% last week following a 1.3% rise the previous week. This sub index is currently close to its long term trend.”

“The four week average for inflation expectations has stabilised around 4.5%, though this week’s reading has dropped to 4.1%.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.