Nzdusd - page 24
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NZD/USD: Kiwi Outperforms After Third Upbeat Dairy Auction
Dairy prices surged an average 16.5% at Fonterra's Global Dairy Trade (GDT) auction on Tuesday, following a 10.9% rise at the previous auction, and a 14.8% increase two auctions prior.
While dairy prices remain much lower than where they peaked in early 2014, the recent rises will help restore confidence in the New Zealand economy, where dairy is the country's biggest export earner.
The NZD/USD pair rose 0.63% to $0.6365 on Tuesday evening in New York, from $0.6326 almost a day ago, hitting an intraday high of $0.6369, and a low of $0.6293.
The New Zealand dollar also gained on the Australian dollar, with the AUD/NZD pair trading 0.44% lower at $1.1226 on Tuesday before the close of trade in New York.
Whole milk powder - the most significant item at the GDT auction for New Zealand farmers - rose 20.6% on Tuesday to $2,495 per tonne, the highest since April.
The GDT price index remains 49% lower than where it peaked in February 2014, underscording the central bank's decision to cut the Official Cash Rate (OCR) for the third time since June on Thursday.
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NZD/USD: Bucks Struggles for Sustainable Gains After CPI
The NZD/USD cross was seen slightly lower in a thin trading range on Wednesday, as uncertainty over the upcoming Federal Reserve's (Fed) interest rate decision caused apprehension among market participants
Meanwhile, the US inflation data limited the buck's strength, as the fresh release showed a marginal drop of CPI on a monthly basis with the remaining elements mostly stagnant in August.
"Hopes for a Fed rate hike Thursday grew a bit slimmer after another tame reading of US inflation," Western Union Business Solutions senior market analyst Joe Manimbo mentioned.
The kiwi slipped 0.09% to $0.6349 against the greenback, moderately bouncing from its intraday low at $0.6333 seen during the US market hours.
As seen on the daily chart, the kiwi struggled for momentum, despite winning over the last three days, and the cross was pushed only one big figure higher than its six-year bottom at $0.6241 reached on September 7.
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New Zealand Q2 GDP +0.4% q/q (expected +0.6%)
New Zealand Q2 GDP misses on expectations+0.4% q/q,
+2.4% y/y,
An improvement on the Q1 result for the q/q, but below expectations
NZD/USD: Kiwi Shaves Off Initial Rally as Yellen Confesses She Is Worried
The New Zealand dollar gained versus its US peer on Thursday after the US central bank left interest rates near zero, blaming weak inflation and uncertainty abroad. However, the rally somewhat faded, with traders paying attention to the Federal Reserve's (Fed) comments on the global economy.
The so-called kiwi shot up 0.55% to $0.6398 versus the greenback as Fed Chair Janet Yellen responded to journalists' questions at her presser.
The pair was seen in the red prior to the Federal Open Market Committee's (FOMC) decision, around the $0.6310 handle.
Faded rally
The initial rally - which sent the kiwi flying up by more than 1% - however, weakened somehow, after the market realized that the FOMC statement included an extremely rare thing - the document highlighted the risks posed by foreign economies. This means that they’re carefully monitoring the aftershocks from a slowdown in China and other emerging markets, in addition to European struggles to increase economic growth.
This sends, however, a negative signal to the global commodity market, with which the kiwi is tied.
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NZD/USD forecast for the week of September 21, 2015
The NZD/USD pair broke higher during the course of the week but remains well below the 0.65 handle. With that being the case, the market looks as if there will be sellers just above but we don’t have much in the way of room for longer-term traders to be involved. Any opportunity that we see will more than likely be off of the short-term charts. With this, we remain bearish but also recognize that we are going to have to look to smaller time frames in order to take advantage.
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NZD/USD: Kiwi Hits 2-Wk Low as Pro-Dollar Sentiment Prevails
The kiwi erased its early morning gains as the general sentiment on forex markets again favored the US dollar. Therefore, the NZD/USD pair fell to the lowest level since September 10 at $0.6272. moving a bit closer to the six year bottom at $0.6241 seen earlier in September.
''Pledges from Fed officials that a hike this year is still on the table boosted the US dollar, which firmed against its G10 peers, especially vs. the Swedish krona and the New Zealand dollar,'' Rabobank analyst Piotr Matys mentioned.
In the afternoon, the kiwi was trading 0.33% lower at $0.6290 against the buck, declining from an intraday high of $0.6332 seen during the Asian market hours. Meanwhile, the US dollar index hit the three-week high at $96.51 points on Tuesday.
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NZD/USD: Pair Hits 6-Yr Low, Struggles Amid Buck's Momentum
The kiwi plummeted against the US dollar, falling to the fresh six-year bottom as a result of the buck's three day run induced by revived beliefs that the Federal Reserve (Fed) rate hike is merely postponed to later in 2015.
"The dollar will continue to find some support on the view that the Fed will begin normalizing policy," Mizuho Corporate Bank foreign exchange strategist Sireen Harajli mentioned.
The daily chart shows the awakened US dollar showed solid momentum that pushed the NZD/USD to the lower bound of its trading channel. The pair has been locked in relative narrow trading range of 200 pips since the end of August.
In the afternoon, the NZD/USD was trading with a loss of 0.68% at $0.6245, setting up the new six-year low at $0.6237 during the US market hours.
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NZD/USD: Kiwi Bounces From 6-Yr Low on Significant Confluence
The kiwi leaped against the US dollar on Thursday, strongly rebounding from the six-year bottom at $0.6233 reached yesterday as investors cheered the upgraded milk payout forecast from Fonterra.
Moreover, the lower bound of the NZD/USD trading range proved its strength once again, stopping the momentum-fueled greenback after its three day rally.
In addition, the greenback had to tackle with a new wave of anxiety as investors awaited the Federal Reserve (Fed) Chair Janet Yellen's speech at the University of Massachusetts in Amherst after the US closing bell.
''We believe Yellen’s remarks, are likely to be more closely watched. Nevertheless, with the remarks coming just a week after her post-FOMC press conference, we suspect there may be little incentive for Yellen to considerably alter her tone. The Fed Chair sounded dovish at her post-FOMC press conference even as she maintained the possibility of 2015 liftoff,'' TD Securities analyst Gennadiy Goldberg said.
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NZD/USD forecast for the week of September 28, 2015
The NZD/USD pair initially fell during the course of the week, but found enough support below to turn things back around and form a bit of a hammer. That hammer of course is a positive sign, but we still see the 0.65 level above as resistance, and we most certainly see resistance extending all the way to at least the 0.6750 level. Ultimately, although it looks positive at the moment, we think there’s far too much noise above to go long. We will simply sit on the sidelines at the moment.
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NZD/USD Forecast – Sep. 28 – Oct. 2
The New Zealand dollar was pressured lower in a week that saw global worries. Business confidence is the highlight of the week. Will we see new lows? Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
New Zealand’s trade balance widened more than expected, crossing the one billion mark. This isn’t supportive of the kiwi. In the US, the dollar fell on weak data but eventually received the bullish boost from Yellen. She made it clear that rates are rising in 2015.
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