Introduction: The recent strength of the kiwi, a currency sometimes overlooked by traders, made its moves much more predictable. This applies to support and resistance lines alike. This is a very safe pair to trade, not a great deal of volatility but predictability.
Weekly Analysis and Recommendation:
The NZD/USD ended the week on a strong note at 0.7704 after a difficult week.
|
Date |
Last |
Open |
High |
Low |
Change % |
|
Jun 08, 2012 |
0.7704 |
0.7682 |
0.7721 |
0.7619 |
0.29% |
|
Jun 07, 2012 |
0.7682 |
0.7703 |
0.7753 |
0.7665 |
-0.27% |
|
Jun 06, 2012 |
0.7703 |
0.7588 |
0.7710 |
0.7584 |
1.50% |
|
Jun 05, 2012 |
0.7589 |
0.7590 |
0.7604 |
0.7521 |
-0.03% |
|
Jun 04, 2012 |
0.7591 |
0.7510 |
0.7595 |
0.7502 |
1.08% |
The surprise lending rate reduction by the PBoC and the hardcore stance of the ECB and the Feds, gave mixed signals to the Asian markets.
The New Zealand dollar has fallen after the Federal Reserve failed to signal further US economic stimulus, damping kiwi sentiment lifted by China’s unexpected benchmark lending rate cut.
It rose as high as 77.52 US cents overnight, the highest since May 11 on speculation the Chinese rate cut will underpin the world’s fastest-growing major economy.
Fed chairman Ben Bernanke helped erase the kiwi’s advances after signaling the world’s largest economy remains at risk from Europe’s debt crisis, but didn’t call for consideration of additional stimulus.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Historical
Highest: 0.8816 USD on Jul 31, 2011.
Average: 0.7543 USD over this period.
Lowest: 0.6619 USD on Jun 07, 2010.
Major Economic Events for the week of June 4 – 8 actual v. forecast for Yen, the Aussie, the Kiwi and USD
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun 5 |
AUD |
Cash Rate |
3.50% |
3.50% |
3.75% |
|
USD |
ISM Non-Manufacturing PMI |
53.7 |
53.6 |
53.5 |
|
|
AUD |
GDP q/q |
1.3% |
0.5% |
0.6% |
|
|
Jun 6 |
AUD |
Employment Change |
38.9K |
-2.2K |
7.0K |
|
AUD |
Unemployment Rate |
5.1% |
5.1% |
5.0% |
|
|
Jun 7 |
USD |
Unemployment Claims |
377K |
381K |
389K |
|
JPY |
Current Account |
0.29T |
0.62T |
0.79T |
|
|
AUD |
Trade Balance |
-0.20B |
-0.92B |
-1.28B |
|
|
Jun 8 |
USD |
Trade Balance |
-50.1B |
-49.4B |
-52.6B |
Economic Highlights of the coming week that affect the AUD, JPY and NZD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jun 11 |
23:50 |
JPY |
-0.6% |
||
|
Jun 12 |
1:30 |
AUD |
4 |
||
|
12th-14th |
NZD |
-0.3% |
|||
|
23:50 |
JPY |
-2.8% |
|||
|
Jun 13 |
0:30 |
AUD |
0.8% |
||
|
21:00 |
NZD |
2.50% |
2.50% |
||
|
21:00 |
NZD |
||||
|
|
21:00 |
NZD |
RBNZ Monetary Policy Statement
|
|
|
|
Jun 14 |
1:00 |
AUD |
3.1% |