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Waiting For Q2 GDP

KIWI

A stronger than expected PBoC fix and resultant yuan appreciation helped NZD/USD push higher in Wednesday's Asia-Pac session, before focus turned to the awaited FOMC MonPol decision. The rate wavered as the decision was released, eventually trimming gains as Fed Chair Powell expressed a sense of comfort with the current settings of the QE programme. Still, NZD/USD finished above neutral levels, extending its winning streak to four consecutive sessions.

  • NZD/USD has added 6 pips and last trades at $0.6738, with bulls focusing on Sep 2/Jul 19, 2019 highs of $0.6789/91, followed by the upper 2.0% Bollinger band at $0.6819. Conversely, a retreat under the 50-DMA at $0.6632 would bring Sep 9 low of $0.6601 into view.
  • New Zealand's GDP for Q2 will be released within fifteen minutes or so, providing the main point of note during the remainder of this week. In yesterday's Pre-Election Fiscal and Economic Update, NZ Treasury revealed that it believes domestic economy shrank by 16.3% in the second quarter. The official number from Statistics NZ will be compared to that prediction as well as to a market consensus forecast pointing to a more modest contraction.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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