December 7, 2022

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Kiwi holds gains, OPEC+ standoff ends

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Forex news from the European trading session – 14 July 2021



  • NZD leads, USD lags on the day
  • European equities lower; S&P 500 futures up 0.1%
  • US 10-year yields down 2.4 bps to 1.391%
  • Gold up 0.5% to $1,816.80
  • WTI down 0.6% to $74.83
  • Bitcoin down 0.2% to $32,471

The day kicked off with kiwi gains after a more hawkish RBNZ, whereby the central bank put a halt to QE purchases and that sent the currency flying.

The gains were largely held throughout European trading, with NZD/USD holding around 0.7000-20 for the most part as the dollar also struggles a little.

EUR/USD inched higher from 1.1775 to 1.1805 while GBP/USD advanced from 1.3825 to 1.3840 on the back of a beat in the UK inflation report, before gaining to 1.3875.

USD/CAD was largely steady around 1.2500 in anticipation of the BOC policy meeting decision later today but is seen easing slightly to 1.2480 as the dollar loses some ground.

Elsewhere, oil prices had a bit of a push around in the last hour as Saudi Arabia and UAE reach a compromise on the baseline output for the latter as well as the overall output cuts agreement involving the OPEC+ bloc.

WTI fell quickly from $75.00 to $74.07 before seeing a rebound back to $74.80 levels now.

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