MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Eyeing Upside Test, with 20 & 50 Day EMAs Around 0.6150

NZD

NZD slid after the Asia close yesterday, finding new weekly lows to trade at 0.6080. However, this was quickly reversed as the DXY saw weakness on the back of lower US yields, NZD/USD erased the earlier move to trade back at daily highs and has remained in a 0.6130/0.6145 range for the second half of the Thursday trading day.
NZ January Consumer Confidence was released earlier 93.6 vs 93.1 prev, while Auckland average house price falls 8.3% M/M and Building approvals rose 3.7% M/M.

  • NZD/USD continues to be range bound, trading largely in a 0.6100/0.6150 range since Jan 16, we did briefly trade to 0.6080 overnight but were unable to hold, the 20 and 50-day EMAs are holding steady near 0.6150.
  • Focus today is likely to be on whether we can test higher. A lower US yield backdrop and higher US equities may aid broader risk appetite and boost the NZD.
  • AUD/NZD is trading close to 2024 lows, the pair sits near 1.07. A fresh break below this level could see Dec lows near 1.0655 targeted, while Oct lows rest at 1.0624. Australia has PPI out a bit later today
  • For NZ, the next major release is employment data, out next Wednesday.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.