NZD/USD Daily Fundamental Analysis for August 02, 2011

New Zealand dollars advanced as President Barack Obama announced that party leaders have reached an agreement to raise the debt ceiling, spurring demand for higher-yielding assets.

Moreover, the New Zealand dollar also advanced as equity gains boosted demand for commodity currencies, along with the cheerful data from the Chinese economy, where China’ industrial production continued to accelerate, adding that New Zealand products will increase as China is the largest market for New Zealand goods.

At the meantime, the New Zealand economy gives some signs of picking up as retail sales soared during the first quarter, adding that the economic recovery starts to recovery.

On Tuesday the average hourly earnings for the second quarter in New Zealand is due at 22.45 GMT (Monday), while it inclined by 0.3% in the first quarter.

At 12:30 GMT, theU.S.economy will issue the personal income for June, where it had a previous reading of 0.3% and it’s expected to show a rise of 0.2%. On the other hand, the personal spending for June is expected to come at 0.2% from the prior reading of 0.0%.

At 12:30 GMT, the U.S. economy will release the personal income for June, where it had a previous reading of 0.3% and expected to show a rise of 0.2%. On the other hand, the personal spending for June is expected to come at 0.2% from the prior reading of 0.0%.

The U.S. core PCE is expected to show a rise of 0.2% from the previous 0.3%. However, the annual core PCE is expected to come at 1.4% from the previous 1.2%.

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