NZD/USD Outlook: Kiwi Flying High, NZD Looking Overvalued
We see a sideways-to-lower trade as long as COVID-19 cases continue to rise and further lockdowns and restrictions remain imminent.
Mortgage rates climbed in the week ending 12th November, according to Freddie Mac. COVID-19 vaccine news delivered the upside for the week.
It was a busy week for the markets. While concerns over the economic outlook lingered, progress towards a COVID-19 vaccine eased the pain.
Bidens victory and impressive COVID-19 vaccine trial results delivered another boost for the majors.
PPI rose more than expected
Stocks are ready to move higher as traders ignore the virus and focus on economic recovery.
Economic data from the U.S, COVID-19, Brexit, and Capitol Hill will provide the majors with direction on the day.
Jobless claims continue to decline
Kodak under scrutiny
The Reserve Bank of New Zealand held its official cash rate at 0.25% on Wednesday, sending the New Zealand Dollar slightly higher as negative rate bets faded.
Gold has been on a rollercoaster ride this week as it suffered a significant retracement Monday, only to begin recouping losses as the week progressed. But has the fundamental landscape changed？
Its a quiet day on the economic calendar, with no stats due out of the Eurozone or the U.S. That leaves COVID-19, Brexit, and U.S politics in focus.
Asia-Pacific shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.
The price action indicates the near-term direction is being controlled by the 50% level at $1889.70 and the 61.8% level at $1842.60.
ACA likely to stand
USD/CAD is trying to settle above 1.3000.
Prices rose early in the session on a small uptick in heating demand due to a modest shift in the forecast.
The British pound has rallied significantly on Tuesday, breaking towards the 1.3250 level before showing signs of resistance. The market continues its uptrend.
The Pound holds onto $1.32 levels, as the focus shifts to Barniers scheduled update on negotiations later today…
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