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Japans March trade balance will be released in ten minutes.South Korea added only 74,000 jobs in April, the weakest performance since a year-on-year decrease of 52,000 in December 2024, following data released Wednesday by Statistics Korea. The job gains in February and March were both in the 200,000 range. The unemployment rate was 2.9%, unchanged from the same period last year. The number of unemployed was 853,000, a decrease of 2,000 year-on-year. By sector, employment in the health and social welfare services industry increased by 261,000 year-on-year, arts, sports and leisure-related services by 54,000, and real estate by 49,000. Employment in the science and technology services industry decreased by 115,000, and manufacturing by 55,000. Statistics Korea noted that the record decline in employment in the science and technology services industry since it was classified separately in 2013 is mainly due to the base effect of strong employment growth in previous years.On May 13, Iranian Vice President Shina Ansari stated that a suspected oil spill near Kharg Island, Irans main oil hub, was likely caused by wastewater discharge from an oil tanker, rather than a leak from oil facilities. Satellite images show the suspected spill area covers tens of square kilometers of sea near Kharg Island. According to Iranian state media, Vice President Ansari said, "Our monitoring results indicate that the pollution was caused by ballast water containing contaminants discharged from a non-Iranian oil tanker. No oil leaks were found in pipelines or oil facilities."On May 13, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated on Wednesday that South Korea is studying a phased approach to participating in actions to ensure navigational safety in the Strait of Hormuz, signaling a preference for support without direct military involvement. Ahn stated that he conveyed South Koreas position during his meeting with US Defense Secretary Hergsays on Monday. Ahn said, "We broadly expressed this position: fundamentally, South Korea will participate as a responsible member of the international community and will assess ways to contribute in phases." Ahn indicated that phased support could include statements of political support, personnel deployment, information sharing, and the provision of military assets, but he emphasized that the two sides did not have detailed discussions on expanding South Korean military involvement. The day before the South Korea-US defense ministers meeting, South Korea condemned the attack on a South Korean-flagged vessel near the Strait of Hormuz last week. The South Korean presidential office strongly condemned the incident but stated that the investigation into the perpetrators was ongoing.South Koreas unemployment rate was 2.8% in April, compared to an expected 2.7% and a previous reading of 2.70%.

Prior to the release of US inflation statistics, the NZD/USD records a three-day increase near to 0.6150

Daniel Rogers

Sep 13, 2022 11:00

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Despite the current sideways grind, NZD/USD bulls remain in control around mid-0.6100s as markets await Tuesday's critical US inflation data. It is noteworthy that the recent improvement in New Zealand sentiment and statistics, along with lowered US inflation expectations, have put pressure on the NZD/USD exchange rate.

 

While the Food Price Index outperformed market forecasts by 0.6% to reach 1.1% over the same month, compared to 2.1% in July, the New Zealand REINZ House Price Index improved to -1.3% MoM in August from -1.4% in July.

 

Consumers in the US predicted inflation to be 5.75 percent over the next 12 months in August, down from 6.2% in July and the lowest since October 2021, according to the New York Fed's monthly consumer expectations survey data released on Monday. According to new figures from Reuters, inflation expectations for the next three years averaged 2.8% in August as opposed to 3.2% in July.

 

Reports on Monday that Ukraine is making progress in driving the Russian troops out of some of its territory seems to have strengthened the market's circumspect optimism while also arousing worries about Russia's severe retaliation, which benefited the NZD/USD bulls. It's possible that big economies like China, the United States, the United Kingdom, and Europe will provide extra stimulus in a similar manner. The most recent Wall Street Journal (WSJ) report showing that US gas prices had decreased for the twelfth consecutive week also reduced market pressure and increased the price of gold.

 

The recent Financial Times (FT) stories revealing divergent viewpoints over US President Joe Biden's chip strategy that challenges China, on the other hand, seem to test the NZD/USD buyers. The cautious attitude also seems to be influenced by Chinese President Xi Jinping's determination to restore Beijing's authority on his first international trip after covid-led lockdowns, as this might heighten US-China relations.

 

The higher closing price on Wall Street, which ignored the favorable US Treasury yields, indicates that the risk-on attitude in this situation weighed on the US Dollar Index. It should be noted that recent increases in US Treasury rates have reversed, but small gains have been seen in S&P 500 Futures as of the time of publication.

 

Traders of the NZD/USD pair will be closely watching China's return after the extended weekend. The US CPI for August, however, will be the topic of most discussion. The forecasts show that the headline number will fall from 0.0% to -0.1% MoM while the CPI excluding food and energy is predicted to be stable at 0.3% MoM. The NZD/USD pair may continue to rise if inflation numbers are less than forecast.


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