logo |

News

    Home   >     Industry    >     Main body

    New Zealand Dollar Analysis: NZD/USD Energy Builds After Positive Economic Data

    Abstract:New Zealand Dollar Analysis: NZD/USD Energy Builds After Positive Economic Data
    NEW ZEALAND DOLLAR, NZD/USD, NZ BUILDING PERMITS -TALKING POINTS
    •   Wall Street mixed after Fed speakers calm premature market taper expectations

    •   Risk-sensitive currencies move higher, with NZD/USD and AUD/USD gaining overnight

    •   NZD/USD tracking higher as the currency pair eyes the April high just below 0.73

    THURSDAYS ASIA-PACIFIC OUTLOOK

      Asia-Pacific markets may see an upbeat trading day despite a mixed performance on Wall Street overnight when technology and small-cap stocks moved lower. The tech-heavy Nasdaq 100 index dropped 0.30% while the Dow Jones Industrial Average (DJIA) gained 0.29%, a new record high. The US Dollar was mostly unchanged, while Treasuries caught a bid across the curve from bond traders.

      Speaking on a CNBC interview Wednesday, Federal Reserve Vice Chair Richard Clarida said “we‘re not there yet” when asked about whether or not it’s time to start discussing tapering. However, the Vice Chair did note that he expects the economy to grow rapidly this year and will continue to evaluate economic data as it comes in.

      Mr. Clarida, along with other Fed speakers Wednesday, harped on the transitory outlook for inflation. However, inflation expectations rose to multi-year highs, evidenced through the 5- and 10-year breakeven inflation rate – which measures inflation expectations through the Treasury constant maturity and inflation-indexed Treasury rates.

    US BREAKEVEN INFLATION RATES
    New

      Source: fred.stlouisfed.org

      Speaking of economic data, New Zealand reported building permits data for March, showing a 17.9%rise for March compared to last month‘s revised read of -19.3%, according to the DailyFX Economic Calendar. The New Zealand Dollar continued its move higher overnight after yesterday’s stellar jobs report – which showed the Q1 unemployment rate falling to 4.6% -- injected fresh optimism in the Kiwi Dollar. The upbeat building permits print may extend NZDs strength in the coming days.

      The risk-sensitive Australian Dollar is also aiming higher after a better-than-expected March building permits figure showing a 17.4% increase on a month-over-month basis. AUD/USD gained nearly half a percentage point overnight. The RBA statement on monetary policy will be released later this week, a potentially high-impact event that may drive direction in the Aussie Dollar.

      Still, the most pertinent market event this week concerning market sentiment, and therefore to the Australian Dollar and New Zealand Dollar, will be the US non-farm payrolls report, with the DailyFX Economic Calendar showing a consensus forecast of +978k jobs for April. Elsewhere, the Bank of Japan (BoJ) will publish its monetary policy meeting minutes today.

    NZD/USD TECHNICAL ANALYSIS

      NZD/USD gained near a full percentage point overnight and now appears to be tracking higher/lower following todays economic data print. The next obstacle standing ahead of the Kiwi Dollar appears to be the 23.6% Fibonacci retracement level. Alternatively, a reversal lower would see prices find possible support at the 38.2% Fib level and then the 20-day and 100-day Simple Moving Averages (SMA).

    NZD/USD DAILY CHART
    nzdusd

      Chart created with TradingView

        ==========

          WikiFX, a global leading broker inquiry platform!

          Use WikiFX to get free trading strategies, scam alerts, and experts experience!

          ╔════════════════╗

          Android : cutt.ly/Bkn0jKJ

          iOS : cutt.ly/ekn0yOC

          ╚════════════════╝

          

    wiki
    •   

    Latest News

    Malaysian Ringgit

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    Malaysian Ringgit
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.