The FX market is pai...từ MeVsSoros

The FX market is painfully slow and choppy this month.

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The NZD/USD is considered a commodity pairing. The New Zealand dollar is often informally called the "Kiwi" or "Kiwi dollar" since New Zealand is commonly associated with the kiwi and the one-dollar coin depicts the indigenous bird on its reverse. A commodity pair's exchange rate tends to exhibit a correlation to the current market value of an underlying commodity. Typically, the commodity is local to one or both nation's economy.

MeVsSoros

The Bank of Canada maintained interest rates at 0.25% for a third successive month, as expected. Policymakers noted that financial conditions have started to improve, as the country is slowly recovering from the Covid-19 outbreak. This was the first policy meeting under new BOC Governor Tiff Macklem, who replaces Stephen Poloz. Canada's trade deficit jumped to C$3.3 billion in April, up from C$ 1.4 billion beforehand. It was the highest deficit recorded since January 2019. The economy added 289.6 thousand jobs in May, after shedding 1.99 million a month earlier. Analysts had predicted a loss of 500 thousand jobs. The unemployment rate climbed to 13.7%, up from 13% beforehand. Still, this was better than the estimate of 15.0 percent. Elsewhere, Ivey PMI improved to 39.1, up from 22.8 and beating the forecast of 30.8 points.

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