The Kiwi joined its comdoll buds in bullying the dollar last Friday as it touched its three-week high at 0.7218 before closing at 0.7209 with a 61-pip gain. Boo yeah!
Looking ahead, it seems like we’re in for a Kiwi snoozefest as the only report we have on tap for the currency is the credit card transactions report on Wednesday at 10:45 pm GMT. The Kiwi bulls will be looking for an improvement from the 0.1% decline it posted in July in order for them to hustle.
You may want to tune in to Australia’s economic reports as the Kiwi usually follows the Aussie’s tracks. From what I’ve heard the central bank is scheduled to announce its interest rate decision tomorrow at 4:30 am GMT. Be on your toes for that the central bank’s statement may just reel you in some Kiwi pips! Good luck!
The Kiwi showed off its swagger on the charts yesterday as it skyrocketed to its four-week high at 0.7257 against the dollar. Boo yeah! NZDUSD closed slightly lower at 0.7232 but it was all good for the commodity currency as it ended the day with a 46-pip win.
As I mentioned yesterday, we’re in for a Kiwi snoozefest this week. So you better gauge the market’s risk sentiment as this could be the primary dictator of the currency’s price action. It would also help if you take note of the happenings in Australia as the Kiwi usually follows Aussie’s tracks on the charts. Good luck and happy trading!
[Ki]weeeeee!!! The Kiwi was swept by the pip currents once again when the lack of data from New Zealand exposed the currency to risk sentiment. A fresh wave of risk aversion in markets pushed EURNZD 179 pips lower than its open price at 1.7624, and slipped NZDUSD to its 0.7200 closing price.
We’ll see no reports from New Zealand today, so keep an eye out for any announcement or report that could shift risk appetite!
After it looked like the Kiwi was gonna drown in the Tasman sea, it held on and benefited from a wave of risk appetite. NZDUSD hit a low of .7160 before bouncing back up to close at .7220, which equaled a 20 pip gain for the day.
Once again, nothing on the economic calendar coming out from New Zealand. Watch out though, for high impact reports coming out from other countries that could alter risk sentiment. As I always say, risk sentiment can change on a dime, so be careful out there!
Choo! Choo! The Kiwi hitched on the risk appetite train yesterday as the markets played the comdolls into its rallies. NZDUSD capped its 32-pip gain at .7252 after tapping an intraday high of .7288.
It seemed that the Kiwi bulls were willing to overlook the disappointing overseas trade index report in favor of the positive sentiments on the comdolls. The data only grew by 2.1% after hitting a 6.1% growth for the first quarter. Oh well, a gain is a gain, right?
The Kiwi might have to stay in the shadows for another day as no economic report is scheduled from New Zealand, but watch your trades closely for any changes in risk sentiment!
Weeee!!! The Kiwi enjoyed the risk appetite express last Friday when an improvement in risk sentiment boosted the commodity-related currencies. NSDUSD capped the week at 0.7280 after dropping to an intraday low of 0.7228.
The Kiwi will have a shot at its own spotlight this week when New Zealand’s retail sales for July is released today at 10:45 pm GMT. The number is expected to cool and show flat growth after rising by 0.9% last June, but a better-than-expected result might wake up the bulls for Wednesday’s red flags.
So what’s up with Wednesday? An interest rate decision, that’s what! The Reserve Bank of New Zealand is set to announce their interest rates on Wednesday at 9:00 pm GMT. Many expect the central bank to do an RBA number and keep their interest rates at its current 3.00% form, but an upside surprise just might push the currency to chart skies.
The Westpac consumer sentiment data on Friday will end the week for New Zealand, and a figure higher than the first quarter’s 119.3 figure will signal that more Maoris are putting on their happy faces.
Score another one for Kiwi! Despite releasing a disappointing food price report yesterday, the Kiwi managed to rally against the dollar on a surge of risk appetite in markets. NZDUSD ended the day 26 above its open price at .7344.
But what’s this big fall I see? A few TV shows ago, the retail sales report clocked in with a 0.4% decrease from last June’s 1.0% gain. Core retail sales also painted a gloomy picture when it dropped by 0.1% from its 1.5% rise. This alarmed the Kiwi bulls enough for them to dump the Kiwi like there’s no tomorrow. NZDUSD dropped by 50 pips!
New Zealand will take a breather from economic reports today, but prepare for the big interest rate decision tomorrow at 9:00 pm GMT
I thought I was gonna be sick with the way NZDUSD zigzagged through the charts yesterday! The pair started the day of with a sharp drop during the Tokyo session, reaching an intraday low of .7269. But once the London session began, it switched gears and headed straight for its intraday high of .7395. In the end, NZDUSD settled just 19 pips higher for the day at .7363.
As I mentioned yesterday, New Zealand’s retail sales took an unexpected plunge and fell 0.4% in July. After seeing a 1.0% increase in June, it’s no wonder investors were so quick to sell the Kiwi early in the day.
Don’t feel bad for the Kiwi though, it eventually got its rally later in the day when the comdolls decided to climb up the charts during the London session. Greenback weakness across the charts caused the comdolls to make bullish moves.
Boy, are you in for a treat today! The RBNZ is scheduled to make its big interest rate announcement at 9:00 pm GMT. Most analysts think rates will stay at 3.00%. In any case, we might see big moves from NZDUSD today, especially if the RBNZ decides to let out a few dovish words in light of weak consumer spending.
D’oh! The Kiwi missed most of the pip action yesterday as New Zealand’s unfavorable economic data held back the Kiwi bulls. NZDJPY may have climbed by 144 pips at 62.62, but NZDUSD fell by 47 pips to a closing price of .7316.
No reports were released from the land of the Maoris yesterday, but concerns on the New Zealand economy made the traders think that the Reserve Bank of New Zealand (RBNZ) isn’t gonna raise interest rates.
And boy were they right! After raising interest rates twice in a row, the RBNZ decided to maintain their cash rate at 3.00% this month. Guess they had to keep at least one thing steady, huh? Apparently, the worst earthquake in 80 years rocked the Canterbury region last September 4, and the RBNZ members think that the impact can pull the economic growth down by as much as 0.8%. Wow, those broken power and water lines are expensive!
The RBNZ also said that while domestic and international economies are still growing, the growth rate isn’t as stellar as they first estimated. Hmm, that sounds a lot like the Reserve Bank of Australia’s latest mantra! Is keeping the rates steady the new “in” thing for the central banks today?
No other reports are scheduled to hit the charts today, but keep close tabs on any information that might influence comdoll trading!
“Baby are you down down down down down” It seems that the Kiwi can’t get enough of Jay Sean’s tune as it went on its merry way down the charts yesterday. NZDUSD dropped by 66 pips after the Reserve Bank of New Zealand decided to keep its interest rates at 3.00%.
The Westpac consumer sentiment report also weighed on the Kiwi when the index printed at 114.1 from its 119.3 figure in the first quarter. Uh-oh, it looks like it might be a while before the Kiwi bulls put on their happy faces!
No report is scheduled for release today, but keep your eyes open for any data that might affect comdoll trading!
The Kiwi started Friday off quite with a lot of upward momentum against both the yen and the Greenback. But it was all downhill for the NZDUSD and NZDJPY once the London session began.
NZDUSD closed just 11 pips higher for the day at .7258 against after hitting an intraday high of .7333. Similarly, the Kiwi let its early gains against the yen slip through its fingers as NZDJPY closed just 7 pips higher at 62.27.
It was another restful day for the New Zealand press last Friday since no big reports were released. This gave investors extra time to mull over the RBNZ’s decision to leave rates unchanged at 3.00% and express greater concern for their economy’s recovery. Maybe that’s why investors were hesitant to take the Kiwi to new highs, eh?
In any case, this week has the potential to be an explosive one for the Kiwi as New Zealand is set to publish two headliners.
At 10:45 pm GMT on Tuesday, tune in to catch the release of June’s current account data, which is slated to show a surplus of 0.15 billion NZD, down from the previous month’s surplus of 0.18 billion NZD. As the current account balance measures the difference in value between the country’s exports and imports, it serves as a good measure for the demand for the currency. That being said, Kiwi bulls may take over if the report prints an upside surprise.
Then on Wednesday, the quarterly GDP report is due. Did output growth weaken from 0.6% to 0.5% in Q2 of 2010 just as analysts predicted? Or are they just pulling our legs?! Let’s find out at 10:45 pm GMT!
The Kiwi’s gains were limited yesterday as NZDUSD tried but failed to close significantly above the .7300 handle. New Zealand didn’t release any economic reports yesterday but make sure you watch out for the ones due today.
New Zealand is set to release its August credit card spending report at 3:00 am GMT. In the previous month, credit card swiping was up by an annualized 2.7%, reflecting how consumer spending is still up and that individuals are pretty much confident with their financial standing. Another strong rise in credit card spending for August could be bullish for the Kiwi.
Later on, New Zealand’s current account balance will be released. Their 0.18 billion NZD surplus in the first quarter is expected to turn into a 0.19 billion NZD deficit for the second quarter. Yikes! That can’t be too good. This would signify that imports far outpaced exports during the quarter and, since New Zealand is an export-dependent economy, a downturn in exports could be bearish for its currency. Keep an eye out for that at 10:45 pm GMT.
Don’t forget to stay tuned to the FOMC statement at 6:15 pm GMT today. Talks of further quantitative easing could drive the US dollar lower against its counterparts, allowing the Kiwi to push for some gains.
Bam bam bam! Make that three days in a row of gains for the Kiwi! After struggling in the Asian session, NZDUSD popped up higher to book a gain of 33 pips. Is it headed for the .7400 handle yet again?
Obviously, this has more to do with the news that it is inevitable that the Fed will be adding more quantitative easing down the road. Com-dolls like the AUD, CAD, and NZD all stand to benefit from this decision, as they have all raised rates earlier this year. This, aside from their better performing economies, makes trading com-dolls even more attractive due to the yield difference!
Even results of recently released current account figure are failing to push the Kiwi down. The data came in much worse than expected, as a deficit of 880 million NZD was posted for the second quarter. Analysts had predicted a deficit of just 190 million NZD! Still, this hasn’t kept the Kiwi from chugging along like com-doll train! NZDUSD has just broken yesterday’s highs as I write!
Can the Kiwi keep up this bullish run? Watch out tonight when GDP figures are released at 10:45 pm GMT. The economy is seen to have grown by 0.8% during the second quarter, a slight improvement from the first quarter’s growth figure of 0.6%. A better than expected figure would just give more reason for people to push the pair higher!
In New Zealand, it’s a pip-party everyday! Well, okay, maybe not everyday. But it has been for the past four days! NZD extended its lead against the Greenback once again as NZDUSD rose from its opening price of .7334 to end at .7417.
Unfortunately, it looks like it’ll stop at four for the NZD. All good things must come to an end, right?
Just hours ago, New Zealand unveiled its quarterly GDP figures and the results were anything but fantastic. After posting a 0.6% uptick in the first quarter of 2010, growth slowed to just 0.2% in the second quarter. Investors quickly began selling off the NZD once they saw how far the actual results were from the optimistic forecast of a 0.7% increase.
Will this dictate action for NZDUSD for the rest of the day? Or will investors eventually shrug the bad news off like they have in the past few days? I guess the only way to find out is to watch the charts! Good luck out there, folks!
Stick a fork in it! The Kiwi’s done! It’s four-day reign over the Greenback finally came to an end after New Zealand’s GDP report caused investors to ditch the Kiwi. NZDUSD dove off its opening price of .7302 to hit a low of .7273.
From the moment the day started, it was pretty much downhill for the Kiwi. The release of the quarterly GDP data set the tone for the rest of the day as it revealed weaker growth. After posting an increase of 0.5% in Q1 2010, GDP expanded just 0.2% in Q2 2010, falling short of forecasts of 0.7%.
The disappointing results caught investors off guard since New Zealand’s trade balance and retail sales were on the rise during Q2. Clearly, the road to recovery won’t be a smooth ride. As New Zealand’s Finance Minister Bill English put it, “GDP figures today show the economy is continuing to recover - although it remains clear that this recovery will be bumpy at times."
The economic calendar is blank for New Zealand today. As usual, keep an eye on risk sentiment, as it can direct NZDUSD even with the lack of reports. Remember, risk aversion usually hits the Kiwi hard, so stay on your toes!
After taking a hit last Thursday, the Kiwi was finally able to get enough air on the charts on Friday as NZDUSD tapped an intraday high of 0.7362. The pair then landed at 0.7343 to close the day with 41-pip gain for the com-doll.
The Kiwi was able to pare almost half of its losses thanks to the market’s anti-dollar sentiment. I wonder if it will still get lucky with traders today given that we’re in for another snoozefest. Zzzz….
Don’t worry, tomorrow at 10:45 pm GMT, we have the country’s trade balance figures for August to sink our teeth into. Analysts are expecting to see that imports outpaced exports by 74 million NZD during the month. If the actual figure reveals a narrower trade deficit than the consensus, we may just see the com-doll continue its flight up the charts!
Et tu, Kiwi?! The Kiwi was one of the many currencies that refused to move yesterday. Do these guys need coffee or what?! NZDUSD traded within a tight 40-pip range and finished at .7345 to lock in a 12-pip loss for the day.
It looks like the markets are still digesting last week’s disappointing GDP data. Recall that Q2 2010 posted a much weaker-than-expected 0.2%, falling short of the expected 0.7% uptick. And let’s not forget the massive earthquake that rocked the country just a few weeks ago. After such a troubling month, it’s interesting to see how the government plans to pick up the pieces.
Today, we get our first taste of New Zealand data for the week. At 9:45 pm GMT, the August trade balance will be available. Most are anticipating the 186 million NZD deficit to shrink to 74 million NZD. New Zealand might finally catch a break if the report gives us an upside surprise. Kiwi bulls, get set!
“Yeeeeeeah man!” The Kiwi couldn’t help but quote the words of the great Usher as it celebrated another victory against the USD. After opening at .7346, NZDUSD jumped to hit a high of .7405 before it finally settled at .7392.
Even bad trade balance data couldn’t ruin the Kiwi’s day. It held steady even as New Zealand’s report revealed that its trade deficit widened from 186 million NZD to 437 million NZD in August. Now the question is whether the Kiwi can hold onto its lead over the USD for the rest of the day.
Hold on tight, folks! We have another report coming our way at 9:45 pm GMT. This time, the guys in New Zealand are throwing building consents figures at us! Analysts say new building approvals probably fell 3.5% in August. After seeing a healthy 3.1% increase in July, investors may decide to ditch the Kiwi if the report comes in even worse than expected.
“Abort 0.7400 mission, abort!” The Kiwi bulls fell short of successfully trading past the psychological handle as NZDUSD came under selling pressure during the New York session and ended the day 15 pips lower at 0.7379.
The Kiwi was unable to advance against the dollar because of another disappointing report. Tsk, tsk. Following the worse-than-expected trade balance figures that we saw on Tuesday, yesterday we saw that the number of building approvals declined in August by 17.8% after increasing by 2.4% in July.
I wonder if the Kiwi bulls will be able to take advantage of the dollar’s weakness and push NZDUSD past 0.7400 given the National Bank of New Zealand’s (NBNZ) business confidence report. Earlier today we saw that businessmen were less optimistic in September than they were in August with the index printing lower at 13.5.
Uh oh, that doesn’t sound so good for the Kiwi. But who knows, if traders won’t like what they hear from the top-tier events that we have on tap for the dollar, they may find the com-doll more worthy of their moolah.
Argh! That .7400 handle is just too strong for the Kiwi! This level acted as resistance for NZDUSD, before the pair slid to a low of .7306. Is it payback time from the Greenback?
Before we look into that, let’s take a quick glance at New Zealand’s business confidence reading which was released yesterday. The National Bank of New Zealand reported that business confidence took a hit in September as the reading fell from 13.4 to 16.5 during the month. Components of the report show that firms are more reluctant to hire and invest in the coming year. Yikes!
Later on, strong economic reports from the US, namely better than expected jobless claims and Chicago PMI, allowed the Greenback to rally against some of its counterparts. The question is, would this rally last?
No economic reports are due from New Zealand today, which means that the Kiwi could be vulnerable to any changes in risk sentiment. Keep an eye out for the release of the US ISM manufacturing PMI since another strong report from the US could allow the Greenback to keep gaining against its rivals, possibly pushing NZDUSD even lower.