Sky high, baby! The Kiwi soared up the charts yesterday, as it took advantage of Greenback weakness. By the end of last week’s trading, NZD/USD was soundly perched at .8037, up 300 pips from its opening price for the week!
The Kiwi was one of the best performers last week, but doubters will attribute that mostly to the strong sell-off in the dollar as opposed to real Kiwi strength. Well, for those who question how strong the currency really is, make sure you tune in tomorrow at 10:45 pm GMT, as quarterly retail sales figures are scheduled to hit the airwaves. Word out of Oceania is that headline and retail sales growth clocked in at 1.4% and 1.3%, respectively. Should we see stronger figures though, that could be seen as solid proof that New Zealand’s economy is fundamentally stronger, which could give the currency support across the charts.
Streak broken! The Kiwi finally tasted defeat against the Greenback as NZD/USD slid from .8044 to .8006. Where will it head today?
So far, the only numbers we’ve seen from New Zealand this week haven’t been encouraging. Early yesterday morning, the REINZ HPI came out and printed a 0.5% decline in house prices in July after posting flat growth in June.
Maybe the release of New Zealand’s quarterly retail sales report today will have a bigger impact on Kiwi price action. At 10:45pm GMT, we’ll finally see if consumer spending growth picked up from 0.5% to 1.4% in Q2, as many had predicted. Should the results exceed expectations, it might help the Kiwi get back on the winning side. But a poor showing could spell disaster for the comdoll.
Phew, that was a close one! Its other comdoll buddies might have taken hits from the Greenback, but the Kiwi managed to end the day unscathed as NZD/USD closed with a 14-pip gain. Did New Zealand’s reports have anything to do with it?
It’s possible! A few hours ago new Zealand’s quarterly retail sales showed a 1.7% gain, higher than the 1.4% growth expectations while the core figure came in at 2.3%, which is way stronger than the 1.3% expected gain.
Only the business manufacturing index at 10:30 pm GMT is expected for release today, so you might want to keep your eyes peeled for news from the other major economies and comdoll appetite for the Kiwi’s direction.
The Kiwi was anything but flightless in yesterday’s trading, as NZD/USD soared back above the .8000 major psychological level. The pair reached a high of .8055 before closing at .8052. How high can the Kiwi go?
Better than expected New Zealand quarterly retail sales data continued to lift the Kiwi for the rest of the day, as the figures showed that consumer spending and overall economic growth could remain strong. Earlier today, New Zealand reported an improvement in its Business NZ manufacturing index, which climbed from 55.2 to 59.5 in July.
No other reports are due from New Zealand today, as the positive sentiment for their economy could keep providing support for the Kiwi for the upcoming trading sessions. Do keep an eye out for today’s set of U.S. data (CPI, jobless claims, Empire State manufacturing index, and Philly Fed manufacturing index) if you’re trading NZD/USD. Good luck!
Tubthumping was the theme song of NZD/USD’s trading yesterday, as the pair got knocked down to a low of .7994 then got up again to the .8050 area later on. What’s in store for the Kiwi today?
There were no economic reports released from New Zealand, leaving NZD/USD vulnerable to dollar behavior. Resistance at the .8100 handle held when the U.S. printed record-low initial jobless claims figures but the pair bounced right back up after reaching the .8000 support level when other U.S. reports, such as the industrial production and manufacturing data, came in weak.
There are no reports due from New Zealand today so NZD/USD’s movement could be heavily dependent on U.S. data and market sentiment once again. The uncertainty brought about by the “Septaper” is causing some jitters in the markets so be careful out there!
NZD/USD crept higher on Friday, reaching a high of .8127 but ending the day at .8118. Upbeat retail sales figures from New Zealand kept the pair afloat in the past few days, but can the Kiwi get support from any reports this week?
Over the weekend, New Zealand reported an increase in producer price levels for Q2 2013. Input prices were up by 0.6% as expected while output prices showed a stronger than expected 1.0% jump. These suggest that overall consumer price levels could also rise later on, as producer price increases are typically passed on to consumers.
There are no reports due from New Zealand today, leaving the Kiwi at the mercy of market sentiment. For tomorrow, quarterly inflation expectations are up for release and analysts are expecting to see a figure higher than the previous 2.1% reading. Visitor arrivals numbers are also due tomorrow.
The economic coast is clear for New Zealand for the rest of the trading week, as NZD/USD could react mostly to U.S. events. Take note that the FOMC meeting minutes are set for release on Wednesday, followed by the Jackson Hole Symposium from Thursday until the weekend. Brace yourselves for some roller coaster action from the dollar pairs then!
This is why you don’t count your Kiwis before they hatch! After it seemed that NZD/USD was headed for new highs, the pair came crashing lower in latter sessions, eventually ending the day at .8069, nearly 100 pips below its highs on the day.
Any minute now, RBNZ Governor Graeme Wheeler will be delivering a speech centered around the role of “macro-prudential policy”. Now, I have no idea what exactly he’ll be talking about, but he is the head of the RBNZ, so you better pay attention! If he mentions anything about extended low rates, it could spark a ton of volatility on NZD pairs!
Sellers really got aggressive on NZD/USD yesterday! They took the pair another 81 pips lower, forcing it to finish just below the .8000 major psychological handle. What happened?
To curb the rise in house prices, the central bank plans to limit low deposit loans to just 10% of new mortgages made by New Zealand banks. Unfortunately, the markets view this as a form of monetary policy tightening, and they’re afraid that it may choke the economy. It also didn’t help that Wheeler once again mentioned that he thinks the Kiwi is overvalued.
Today, we only have credit card spending data on tap. It’s due at 3:00 am GMT and it isn’t usually a market mover, but it could help soothe some of the Kiwi’s recent burns if it prints a large improvement from the previous month’s 5.4% increase. Check it out, homies!
The bloodbath on NZD/USD just gets worse and worse! For the third time this week, the pair showed a bright red candlestick as it finished at .7850, 149 pips below its opening price. Crazy!
It seems that aside from the broad-based USD rally, Graeme Wheeler’s dovish announcement on restricting lending conditions is still weighing down NZD/USD. This explains why the Kiwi was one of yesterday’s poorest performers.
It also didn’t help that the credit card spending report, yesterday’s lone release, failed to impress the markets. Although credit card spending rose by 4.7% last month, June’s 5.4% surge was revised down to just 3.7%. Yikes!
In a few moments (1:45 am GMT), the HSBC flash manufacturing PMI for China will be available and according to market expectations, we’ll probably see the index rise from 47.7 to 48.3. If this report shows positive results, it could lead to a higher demand for the comdolls and help the Kiwi defy gravity.
It appears only the Aussie was positively affected by the rumors of an RRR cut from China. Its close neighbor, the Kiwi, took a hit, falling for the fourth straight day. From its opening price at .7851, the pair dropped as low as .7804 before closing at .7832.
New Zealand’s economic calendar is pretty light today but I think we’ll still see a lot of action on the charts due to the upcoming Jackson Hole Symposium. It’s going to take place during the U.S. session and it’s going to involve various important finance officials talking about the Fed’s massive $85 billion monthly asset purchases. U.S. central bankers could provide some clues on the direction of future monetary policy, which could create a significant amount of volatility.
Will the bleeding ever end?! NZD/USD registered its fifth straight decline as the pair slid another 16 pips to finish at .7816.
Since it sold off aggressively on Wednesday, the Kiwi’s decline has slowed down a bit, but by no means has it stopped. Unfortunately, sellers found even more reason to get aggressive after the New Zealand trade balance report came out. Not only was the June trade surplus revised down from 414 million NZD to 374 million NZD, but July recorded a much wider than expected trade deficit of 774 million NZD (versus 18 million NZD forecasts). Yikes! As it turns out, imports grew strongly in July while exports decreased.
Not much to look forward to from New Zealand this week, as we only have the ANZ Business Confidence index on tap, but it isn’t due until Thursday. So until then, hang tight and check out what the U.S. has to offer, homies!
Will you look at that – there’s life left in the Kiwi after all! The comdoll was one of yesterday’s best performers as NZD/USD climbed 43 pips to break its 5-day slide.
Surprisingly enough, the effects of the wider-than-expected trade surplus were short-lived on the Kiwi. In fact, in spite of the decrease in exports, the markets found reason to cheer for the comdoll later in the day. As I had mentioned yesterday, we also saw a strong rise in imports. Rather than seeing this as a potential drag on GDP, the markets seem to have interpreted this as a sign that domestic demand is healthy. Way to look at the bright side of things, eh?
Nothing coming out of New Zealand today. So for now, I suggest y’all set your eyes to the west, where the U.S. is scheduled to release its CB consumer confidence index.
Ka-blam! The Kiwi bulls’ hopes were crushed to the ground when NZD/USD failed to follow up on its gains and ended another day in the red. The pair closed 53 pips lower than its open price after hitting an intraday low at .7765.
New Zealand didn’t release any economic report yesterday, but overall aversion to high-yielding currencies like the Kiwi dragged NZD/USD to another red day.
How long will the risk on/risk off theme last? We won’t be seeing any report from Australia’s closest trading partner today, so the Kiwi’s price action will most likely depend on risk appetite once again. Keep an eye out for any news that might affect sentiment for the comdolls!
What a turnaround! Just when it seemed like NZD/USD was down in the dumps as it dipped a few pips below the .7750 minor psychological support, the pair bounced right back up to close above .7800. What was that all about?
There were no reports released from New Zealand yesterday, as the Kiwi simply grooved to the tune of risk sentiment. For the most part, concerns about a military strike in Syria kept traders in a risk-off mood, which was negative for the higher-yielding Kiwi.
However, NZD/USD reversed its losses upon reaching the .7750 area, which happens to be an established support region since June this year.
Earlier today though, New Zealand reported a drop in business confidence, as the index measured by ANZ fell from 52.8 to 48.1. This reveals that businessmen have become pessimistic about economic conditions in August, and this hints at a potential downturn in business activity in the near term.
No other reports are due from New Zealand for the rest of the day so make sure you keep your eyes and ears peeled for any important updates that could affect risk sentiment!
Another day of choppy trading for NZD/USD, as it was simply all over the place. By the end of the New York session, NZD/USD was trading at .7774, just 17 pips lower for the day.
No data headed our way from New Zealand today, so your best bet may be to wait till the New York session for some volatility. Make sure you hit up my USD commentary for the 411 on what will be released today!
Like its comdoll buddies, the Kiwi had no chance against the Greenback strength that clouded the markets in late Friday trading. NZD/USD had dropped by another 46 pips!
New Zealand didn’t print any economic report last Friday, but concerns for the commodity-related economies as well as broad dollar strength soon weighed on NZD/USD by almost 50 pips.
The only report on tap today is New Zealand’s quarterly overseas trade index data released a few hours ago. The data showed a 4.9% increase, up from the previous quarters 4.2% growth.
Will it be enough for the comdoll bulls today? We won’t see any more data from New Zealand until tomorrow at 1:00 am GMT when the ANZ commodity prices report is released, so keep your eyes peeled for any news that might affect appetite for the Kiwi and its comdoll buddies!
Thank you, China! NZD/USD was able to hold its ground and go for gains in yesterday’s trading after China reported an expansion in its manufacturing sector. The pair soared by roughly 100 pips throughout the day, as it reached a high of .7841.
While the Greenback was busy raking in gains against most of its major counterparts, the New Zealand dollar put up a strong fight and managed to end the day in the green. Better than expected official manufacturing figures from the Chinese government, combined with a 50.1 reading in HSBC’s final manufacturing PMI for August, were enough to lift the Kiwi’s spirits yesterday. After all, China is one of the main importers of New Zealand products so a recovery in manufacturing could eventually translate to increased demand for New Zealand’s goods.
There are no reports on New Zealand’s schedule for today so NZD/USD might take its cue from economic events in Australia (retail sales and RBA interest rate decision), along with U.S. reports (ISM manufacturing PMI). Aside from that, NZD/USD might also be swayed by risk sentiment and updates on Syria. Be careful trading out there!
DENIED! NZD/USD wasn’t able to follow up on its gains from early in the week when the pair ended the day almost 20 pips lower than its open price. What the heck is up with that?!
New Zealand’s ANZ commodity price index showed a 0.7% growth for the month of August instead of the expected 0.6% uptick, but that wasn’t enough for the Greenback bulls who were bent on buying the dollar and were still a bit cautious about the commodity-producing countries.
Australia’s closest trading neighbor won’t be printing any report today, so the Kiwi will most likely trade at the mercy of the dollar’s price action and appetite for the comdolls. You know who to talk to if you have any questions on that! (Clue: Her name starts with Happy and ends with Pip).
Look at the Kiwi fly! NZD/USD finally busted out of its range and soared up to a high of .7927 as risk appetite improved yesterday. The question is: Will it be able to hold on to its recent gains and go for more?
There were no reports released from New Zealand yesterday, leaving the Kiwi sensitive to risk sentiment. Of course it also helped that the Australian GDP came in line with expectations, which spells good prospects for New Zealand’s economy.
New Zealand’s economic schedule is still empty for today so NZD/USD might continue to groove to the tune of risk appetite or be swayed by U.S. data. Bear in mind that there are a couple of major reports due from the U.S. today, namely the ADP non-farm employment change and the ISM non-manufacturing PMI. Keep your eyes peeled for the actual data, as strong U.S. figures could revive Septaper talks and force NZD/USD to retreat.
Not so fast! Comdolls like the Aussie and Kiwi gave back most of their gains from the previous day as investors traded a dollar-bullish theme yesterday. NZD/USD had dropped to an intraday low of .7855 before ending the day 18 pips lower than its open price.
New Zealand didn’t release any report yesterday, but the comdoll bulls lost its momentum after Australia printed a less-than-stellar trade balance data. It also didn’t help that the U.S. printed better-than-expected reports, which increased the demand for the low-yielding Greenback.
The Kiwi bulls and bears could continue to play the Simon Says game with the Greenback traders today since New Zealand isn’t scheduled to release any economic report. Will the comdoll bears go for two, or will the bulls end the week on their terms?