New Zealand’s third quarter (Q3) Gross Domestic Product (GDP) came in as 0.7% QoQ versus 0.6% forecast, the GDP fell below 2.4% yearly expectations to 2.3%. November month trade numbers were also out with the GDP figures.  Trade Balance (YoY) came in as $-4.82 B against downwardly revised $-5.07B prior.

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Gold prices remain under pressure around $1,512.85 on Monday. In doing so, the yellow metal ignores the weekend news that should have been provided additional fuel to the safe-havens run-up beyond the nine-week high.

Cautious optimism surrounding the phase-one deal got another puzzle to solve during the weekend, which came from the South China Morning Post (SCMP). The Chinese media conveyed Beijing’s readiness to follow the promises on the condition that the US behaves seriously. 

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Broad US dollar weakness extended into Asia this Friday, with year-end holiday-thinned trading to keep most majors in tight trading ranges.

The dust settled after the Christmas day volatile moves in the US dollar index. The Kiwi sits at five-month tops above 0.6680 on fresh US-China trade optimism after Beijing said it is in close touch with the US on a trade deal signing ceremony.

NZD USD 20191219 14.55


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Japan’s exports slipped for a 12th straight month in November, as declining shipments to the United States and China hit the trade-reliant economy, raising the risk of a fourth-quarter contraction.
Official data released on Wednesday showed Japan’s exports fell 7.9% year-on-year in November, a smaller decline than the 8.6% decline expected by economists in a Reuters poll.
Inflation in the 19-country bloc was 1.0% year-on-year, up from 0.7% in October, in line with initial estimates Eurostat published on Nov. 29.

EURJPY H4 11 19 2019 0951

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DJIA index touched new record highs on today as President Donald Trump said over the weekend that the United States and China would "very shortly" sign their so-called Phase One trade pact.US30 H4 12 17 2019 2209



In an interview with Blick on Wednesday, the Swiss National Bank (SNB) Chairman Jordan made some comments on the central bank’s monetary policy and inflation outlook.

No further rate cut needed at the moment.

But if there is a need to act, the SNB will deepen further negative rates.

If the SNB tightens policy, it would lead to a strong appreciation of the franc.

Inflation will turn negative and economic growth will slow down significantly as such.

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