Daily Morning Report 07.08.2017
The New Zealand dollar slipped lower against its U.S. counterpart on Monday, after inflation expectations in New Zealand ticked down in the last quarter while the Australian dollar held steady as markets were still digesting Friday’s upbeat U.S. jobs data.
NZD/USD slipped 0.18% to 0.7397.
Earlier Monday, the Reserve Bank of New Zealand said its inflation expectations ticked down to 2.1% in the second quarter from 2.2% in the three months to March.
AUD/USD was little changed at 0.7933. Trading volumes were expected to remain thin with Australian markets closed for a national holiday.
The greenback remained supported after the U.S. Labor Department on Friday said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.
The unemployment rate ticked down to 4.3% in July from 4.4% the previous month, in line with expectations.
The report also showed that average hourly earnings increased by 0.3% last month, in line with forecasts and after a 0.2% gain in June.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.10% at 93.28, just off Friday’s one-week high of 93.64.