7 Sep 2015
NZD/USD is all about RBNZ this week
FXStreet (Guatemala) - NZD/USD is currently testing territory in the 0.62 handle and trades at 0.6291, with a high of 0.6307 and a low of 0.6281.
NZD/USD pushed below 50 SMA on Nonfarm Payrolls
NZD/USD was pressured below the hourly 50 SMA at the end of last week on a mixed Nonfarm Payrolls report, and despite the poor headline number, the finer detail of the report increased demand for the greenback on the back of the revisions to the July report of +44k with an additional plus of a reduction in the unemployment rate.
It is a quieter week from the US in terms of data, but this week is all about the RBNZ. There is an expectation that the bank to cut 25bps and lay the groundwork for a 2.5% cash rate. Other data from NZ includes Q2 Manufacturing, REINZ home prices, Food prices and offshore bond holdings. China also returns after a 4-session break and will report CPI as well as the PBOC reserves from August . This will be of interest to gauge what was spent to keep market volatility to a minimum.
NZD/USD testing below 0.63 handle
Technically, while below 0.63, the bird trades with an immediate bias to the downside and eyes 0.6220 and then 0.5910. To the upside, the 200 SMA on the hourly sticks is key resistance until the 50 DMA at 0.6580.
NZD/USD pushed below 50 SMA on Nonfarm Payrolls
NZD/USD was pressured below the hourly 50 SMA at the end of last week on a mixed Nonfarm Payrolls report, and despite the poor headline number, the finer detail of the report increased demand for the greenback on the back of the revisions to the July report of +44k with an additional plus of a reduction in the unemployment rate.
It is a quieter week from the US in terms of data, but this week is all about the RBNZ. There is an expectation that the bank to cut 25bps and lay the groundwork for a 2.5% cash rate. Other data from NZ includes Q2 Manufacturing, REINZ home prices, Food prices and offshore bond holdings. China also returns after a 4-session break and will report CPI as well as the PBOC reserves from August . This will be of interest to gauge what was spent to keep market volatility to a minimum.
NZD/USD testing below 0.63 handle
Technically, while below 0.63, the bird trades with an immediate bias to the downside and eyes 0.6220 and then 0.5910. To the upside, the 200 SMA on the hourly sticks is key resistance until the 50 DMA at 0.6580.