NZD/USD struggles near 0.6150 amid downbeat NZ trade numbers, bank fears – by anilpanchal7 NZDUSD ForeignTrade Banks RiskAversion CentralBanks
pair fails to justify downbeat New Zealand trade numbers, as well as broad US Dollar strength amid a risk-off mood ahead of the key US Durable Goods Orders for March.
That said, NZ Trade Balance dropped to $-1,273M versus $-796M prior while the annual trade deficit rose to $16.4B versus $-15.72B prior figures . Further details suggest that Exports rose to $6.51B during the said month versus $5.06B prior whereas Imports increased to $7.78B compared to $5.86B previous readings.
"Our assessment is that the risks to financial stability posed by high-LVR lending have reduced to a level where the current restrictions may be unnecessarily reducing efficiency," saidAbove all, the First Republic Bank’s disappointing earnings reports joined the executives’ resistance in taking questions and no earnings guidance to trigger the fresh wave of banking jitters and weighed on thethe previous day, which in turn drowned NZD/USD.
On the same line could be the fears of US debt ceiling expiration as US Treasury Secretary Janet Yellen warned that failure by Congress to raise the government's debt ceiling - and the resulting default - would trigger an "economic catastrophe" that would send interestAgainst this backdrop, market sentiment remains sour and weighs on the Antipodeans.
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