13 Aug 2015
NZD/USD bulls taking charge on PBoC implications for FOMC
FXStreet (Guatemala) - NZD/USD is currently trading at 0.6613 with a high of 0.6629 and a low of 0.6608.
NZD/USD remains on the 0.66 handle and probes 0.6640 as it consolidates the major recovery from 0.6480 territory. The greenback has been sold-off aggressively across the board as investors pull-out of a September rate hike positioning due to the recent PBoC interventions and subsequent market volatility.
NZD/USD was sold off initially on the first devaluation of 1.9% in the Yuan from 0.6620 to 0.6520 and then post a sideways drift it was hit again on the second devaluation from 0.6560 down to 0.6467. The price has regathered the territory back to 0.6649 and has been drifting with a 40 pp range with support at the psychological 0.66 handle.
Data has come with NZ Business PMI's for July at 53.5 vs 55.2 previous and rev. 55.1 M/M. Then, food prices came in at 0.6% vs 0.5% without creating any impact on the price. The key data for the week comes with Retails Sales from the US economy ahead of the FOMC minutes and CPI's next week.
NZD/USD better bid below key resistances
0.6780 remains as key up-side target with 0.6720/38 coming as first major resistance while the 28th of July shooting star highs remain a technical barrier. A score to 0.7080 will close the bearish gap of early June trade.
NZD/USD remains on the 0.66 handle and probes 0.6640 as it consolidates the major recovery from 0.6480 territory. The greenback has been sold-off aggressively across the board as investors pull-out of a September rate hike positioning due to the recent PBoC interventions and subsequent market volatility.
NZD/USD was sold off initially on the first devaluation of 1.9% in the Yuan from 0.6620 to 0.6520 and then post a sideways drift it was hit again on the second devaluation from 0.6560 down to 0.6467. The price has regathered the territory back to 0.6649 and has been drifting with a 40 pp range with support at the psychological 0.66 handle.
Data has come with NZ Business PMI's for July at 53.5 vs 55.2 previous and rev. 55.1 M/M. Then, food prices came in at 0.6% vs 0.5% without creating any impact on the price. The key data for the week comes with Retails Sales from the US economy ahead of the FOMC minutes and CPI's next week.
NZD/USD better bid below key resistances
0.6780 remains as key up-side target with 0.6720/38 coming as first major resistance while the 28th of July shooting star highs remain a technical barrier. A score to 0.7080 will close the bearish gap of early June trade.