The NZD/USD pair continued its upside movement to record a new all time high, as the cheerful outlook for the New Zealand economy helped Kiwi to soar against most of its major counterparts.
The New Zealand economy faced the natural disaster that hit the nation in the first half of the year, but we see that the NZ economy has many resources that help the economic recovery. The nation’s GDP expanded more than expected during the first quarter as milk and lumber exports rose.
New Zealandpolicy makers left the benchmark interest rate at a record low for a third straight meeting and signaled it will need to boost borrowing costs to contain prices during the fourth quarter of the year as the nation’s economic recovery gathers pace.
At 01:30 GMT, New Zealand economy is to start the week by releasing its ANZ commodity price index for July that slid 1.2% in June.
The U.S. economy will release the construction spending for June at 14:00 GMT, where it’s expected to show a drop of 0.1% from the prior fall of 0.6%.
The ISM manufacturing for July will be released at 14:00 GMT, where it is expected slightly higher to 55.4 from 55.3.