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In The News

The kiwi dollar is the day’s top performer on Thursday despite a very quiet day for forex traders which have begun positioning for the Friday U.S. nonfarm payrolls report.

NZD/USD has picked up about 42 pips on Thursday morning despite any economic news to explain the move. Likely, the pair is playing catch up after the massive surge in the Australian dollar on Wednesday.

The Australian dollar itself is trying to recover from a larger than expected decline in the nation’s trade surplus, which will fell to A$1888 million in July despite calls for a decline to A$3100 million from A$3438 million. The key here was the 4% decline in exports.

Over in Europe, euro zone GDP was unrevised on a quarterly basis, growing 1.0%, however the annual figure was unexpectedly revised to a 1.9% growth rate from 1.7% previously.
EUR/USD has failed to react materially to the release.

As traders turn towards the day ahead, attention will be on the ECB press conference following the central bank’s decision to leave rates unchanged at 1.00%, as expected. Also of interest will be the U.S. jobless claims, pending home sales, and a speech from Fed Chairman Ben Bernanke.

Not to be forgotten, however, is the nonfarm payrolls report from the U.S. coming up on Friday. As the most important economic data point in the world, everyone will be trading will their payrolls positioning in mind.