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NZD/USD Steady After FOMC

KIWI

NZD/USD managed to eke out some gains on Wednesday, just. The greenback
was offered across the board in the lead-up to the FOMC MonPol decision and
then after Chair Powell & Co. held rates near zero, left the pace of QE
unch. & struck some warning notes in their communique. Broader NZD
weakness prevented any stronger rally.

  • Little in the way of market reaction to NZ building approvals, which rose
    0.5% M/M in Jun after a 35.6% jump in May.
  • Final ANZ Business Confidence Survey will be published later today, with
    ANZ Consumer Confidence coming up tomorrow.
  • NZD/USD holds steady at $0.6668. The key near-term resistance has been
    defined at Jul 28 high of $0.6703 and a break here would open
    Dec 31, 2019 high of $0.6756. Bears need a fall through Jul 24 low of
    $0.6615 before targeting Jul 14 low of $0.6503.
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