Daily Update - 25th June 2020
The report which was released this morning remained unchanged not supporting the New Zealand Dollar against USD. Germany released their IFO Business Climate which resulted positive but regardless the Euro weakened against the Dollar on Safe Haven Status. It’s a relatively quiet day ahead on the Eurozone economic calendar. Key stats include Germany’s GfK consumer climate figures for July. Following better than expected PMIs and business sentiment, a pickup in consumer confidence would be another major boost. While manufacturing sector activity is key for Germany, a consumer-driven service sector recovery remains key to the Eurozone’s economic recovery. From the U.S, i’s a busier day ahead, with May’s core durable goods orders and the weekly jobless claims in focus. While survey-based numbers from earlier in the week were positive, the markets will want to see a pullback in the weekly claims. A rise in core durable goods orders would also provide support to riskier assets. We would expect finalized 1st quarter GDP numbers and trade data for May to have a muted impact on the Dollar. Away from the stats, COVID-19 updates and chatter from the Oval Office will also have influence. Threats of tariffs on France, Germany, and Spain and Wednesday’s COVID-19 numbers will keep the markets on a cautious footing.Yesterday’s Market
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