Nzdusd - page 28
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RBNZ to cut in December and twice in 2016 says ASB ASB note on what they expect from Reserve Bank of New Zealand monetary policy
ASB cite persistently weak inflation pressures
More:
via Bloomberg
NZD/USD edges higher but gains limited The New Zealand dollar edged higher against its U.S. counterpart on Thursday, but gains were expected to remain limited as hopes for a U.S. rate hike before the end of the year continued to support demand for the greenback.
Trading volumes were expected to remain limited with U.S. markets closed for the Thanksgiving holiday.
NZD/USD hit 0.6597 during late Asian trade, the pair's highest since November 20; the pair subsequently consolidated at 0.6588, adding 0.14%.
The pair was likely to find support at 0.6499, the low of November 24 and resistance at 0.6608, the high of November 20.
The greenback remained broadly supported after a string of upbeat U.S. data on Wednesday added to expectations that the Federal Reserve will raise interest rates next month.
The U.S. Commerce Department reported on Wednesday that new home sales rose by 10.7% to 495,000 units last month, compared to expectations for a gain of 6.0% to 500,000.
The report came shortly after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 21 declined by 12,000 to 260,000 from the previous week’s revised total of 272,000.
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New Zealand - October Building Consents: +5.1% m/m (prior was -5.7%) New Zealand October Building Consents (also known as Building Permits) Up 5.1% m/m
Up 9.2% y/y
NZD/USD: Kiwi Holds Previous Gains, Awaits US Data The kiwi rose more than 1% on Tuesday and canceled the bearish trend, while the pair was seen trading flat around $0.66650 on Wednesday as investors will focus on today's US data.
Earlier in the day, Fonterra's fortnightly Global Dairy Trade (GDT) auction took place, which saw the first increase in dairy prices since early October. The GDT index was up 3.6%, while whole-milk powder prices rose 5.3%.
The ADP employment report for November is due and is projected to tick higher from 182,000 to 190,000. This will be followed by Federal Reserve (Fed) Chair Janet Yellen, who is expected to hold a speech later in the day.
Moreover, the non-manufacturing ISM is due on Thursday, while the manufacturing ISM released on Tuesday dropped notably from 50.1 to 48.6 and ended up in contraction territory. The odds for a December rate hike declined from 75% to 70% after the disappointing result.
"The drop in the ISM headline number below 50 shouldn’t have been entirely unexpected given the weak Chicago reading the day before, but the fact that we hit the lowest level since June 2009 at 48.7 was unexpected. Not only that the sharp drop in a number of the other components of the index was equally as worrying, with prices paid dropping sharply to 35 and new orders also falling sharply below 50 as well," Michael Hewson, chief market analyst at CMC Markets UK, stated on Wednesday
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USD/JPY forecast for the week of December 7, 2015 The USD/JPY pair went back and forth during the course the week, eventually forming a rather neutral looking candle. We have been stuck in a fairly tight range lately, and we didn’t break out of this week either. With this, we do believe in the uptrend now, but at this point in time don’t have a signal to start buying. We certainly wouldn’t sell though, as we believe the 120 level should essentially be the floor in this market. Eventually, will break above the 125 handle, and then go much higher.
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Good move last week.
Good posts, keep the thread active, very helpful for all types of traders.
RBNZ cuts rates to 2.50% from 2.75% Highlights of the RBNZ rate decision Dec 10, 2015:
There is no sign here of another rate hike and NZD has picked up on that. After a quick move lower it ran to session highs. Last at 0.6680.
Calling NZD rise 'unhelpful' is weaker jawboning that usual too. That's a long way from a threat of intervention.
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NZD/USD forecast for the week of December 21, 2015 The NZD/USD pair tried to break out during the course of the week, but as you can see pullback to form a shooting star. Ultimately, this is a market that looks like it’s ready to continue consolidating overall between the 0.6750 level and the 0.65 handle. Ultimately, even we break to the upside, the market needs to clear the 0.70 level in order for it to become a longer-term type of bullish position. In the meantime, we are looking for short-term trades only and therefore will look at those charts.
NZD/USD forecast for the week of December 28, 2015 The NZD/USD pair broke higher during the course of the week, testing the 0.68 handle. It appears now that we are ready to try to break out to the upside, and perhaps clear the 0.69 level. Once it does, we feel this market could go much higher. Until then, buying isn’t a reality for longer-term traders, but a resistive candle could lend itself to selling. Regardless, this week isn’t likely to be the one to send the markets into a longer-term move as we are between two major holidays.
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