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GDP Beat In The Books, BusinessNZ M'fing PMI Eyed

NZD

Upbeat Q2 GDP data released out of New Zealand gave a boost to NZD/USD Thursday but the rate swung into a loss later in the day. The greenback caught a bid after U.S. retail sales beat expectations, applying pressure to the pair.

  • The rate last sits at $0.7073, little changed on the day. Bears look for a fall through channel floor at $0.7057, which would bring the 50-DMA at $0.7010 into play. Bulls need a clearance of channel top at $0.7143 before targeting Sep 3 high of $0.7170.
  • BusinessNZ M'fing PMI will hit the wires at the bottom of the hour, after headline index rose to its third-highest level on record.
  • Next week, focus turns to Westpac Consumer Confidence and credit card spending (Tuesday) as well as trade balance (Friday). In addition, the RBNZ will publish a speech from Asst Gov Hawkesby on Tuesday.
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