ForexLive Asia FX news wrap: NZD jumps on jobs report beat

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading for Wednesday 5 May 2021

New Zealand's Q1 labour market report was a solid one, with unemployment dropping more than was expected despite the rise in the number of people seeking work (the participation rate). Further NZ data published showed process for the countries commodity exports hit their highest ever.  NZD/USD was marked higher on the jobs data and has managed to hold onto the gain as I post (after a brief partial retrace).

AUD/USD has been dragged up alongside. Data from Australia today showed another big rise for building approvals (concentrated in multi-unit building); this follows a strong rise the previous month also.

The two antipodean currencies also benefited from a weakening US dollar during the session, with EUR, GBP, yen all ticking higher against the big dollar.

Gold and BTC are both us also.

Oil gained further, it got a bit of a boost from the private survey oil data released in the US afternoon showing a big draw in inventory. Eyes will be on the official data due on Wednesday morning (US time)to confirm.

News flow of direct FX relevance was light during the session. Japanese and Chinese markets remained closed for holidays. Both return tomorrow, May 6. 

NZD:

Forex news for Asia tradingfor Wednesday5May 2021

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