Free Trial

NZD has benefitted from a modest uptick in.....>

KIWI: NZD has benefitted from a modest uptick in retail card spending in the
month of June, although total card spending moderated. Westpac noted that
"retail spending levels rose by 0.8% in June. That was a bit above analysts'
forecasts. Although we have seen some moderate gains in spending in recent
months, the trend in retail spending has clearly softened over the first half of
2018. In fact, comparing spending in the three months to June with the preceding
three months, spending levels have essentially been flat."
- NZD/USD bulls will have taken comfort in support emerging ahead of the $0.6674
May 2016 low, that, along with correcting oversold studies, provided the impetus
for a bounce last week, the cross last deals at $0.6850. This week bulls look
for a close above the 55-DMA ($0.6932) to hint at a move back to $0.7059-0.7157.
Bears now need a close below $0.6797 to ease pressure on the 21-DMA and below
$0.6741 to reconfirm focus on $0.6674-86.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.