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Forex News for November 18, 2021

In this article, we have covered the highlights of global market news about the New Zealand Dollar, Euro.

New Zealand Dollar News

The survey data from the Reserve Bank of New Zealand may be found here: 

  • New Zealand’s two-year inflation forecast is 2.96 percent (vs. prior 2.27 percent ) 
  • The New Zealand dollar rose on the release of the RBNZ’s inflation data. 

Analysts’ responses are pouring in. 

According to the ASB, the data guarantees a 0.25 percent increase at the next meeting on November 24. Adding that 50bps is still a possibility.

All Over News

Late this afternoon, there came news out of the United States of fresh efforts to synchronize the flow of oil from reserves in the United States, Japan, China, India, and South Korea. The US proposals came after OPEC’s efforts to deliver additional oil failed. The news on requests to Japan and China was released earlier this week, but India and South Korea were added. today Oil prices had decreased throughout the US Wednesday session, and another price drop had begun. 

Oil fell further during the Asian session when it was revealed that China was working on releasing crude oil from its stockpiles. Brent and WTI are both down for the day.

FX cross The USD lost some ground versus the main currencies, although only in small amounts. The USD/CAD exchange rate remained stable to slightly higher, owing to CAD concerns over the drop in oil prices. The NZD led the gains.

According to the most recent International Atomic Energy Agency assessment, Iran’s stockpile of uranium enriched to 60% has surged by 77% to 17.7 kg. 

With Europe and the United States wanting to cut back on spending, Japan finds itself in the opposite predicament, needing to release more fiscal stimulus to keep the economy afloat. 

The new stimulus plan, slated to be presented tomorrow, is expected to include an additional $55.7 trillion in fiscal expenditure, on top of the about 88 trillion spent (almost 17 percent of GDP) since the onset of the COVID-19 epidemic last year.

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Euro News

• Eurostoxx +0.1% • DAX +0.1% 

• France’s CAC 40 is unchanged; the UK’s FTSE is down 0.3 percent; and Spain’s IBEX is down 0.2 percent. 

However, the mild fluctuations here aren’t doing much to destabilize the DAX and CAC 40’s recent march to new record highs.

The general risk attitude remains somewhat more bullish, with US futures moving up, with S&P 500 futures up 0.2 percent, Nasdaq futures up 0.4 percent, and Dow futures up 0.1 percent. 

EUR/USD is up 0.1 percent at 1.1335 as buyers defend the 1.1300 level on the daily chart, retaining some hope after bouncing from a low of 1.1265 in trade yesterday. 

However, sellers remain in control in the short term, with the 100-hour moving average visible at 1.1376, implying that more work remains to be done to invalidate the bearish momentum. 

But, for the time being, purchasers are attempting to create a base, so there’s that.

Meanwhile, the USD/JPY is the second crucial pair to watch when evaluating dollar mood, and the price is now hovering around 113.95-10 levels.

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