NZD The NZD led the commodity-linked pack lower last night, with NZD/USD weaker by 0.6% to 0.8070 this morning.
NZD The NZD drifted lower with its commodity-linked brethren (AUD and CAD) overnight, before staging a recovery early this morning. NZD/USD sits largely unchanged from yesterday’s open, at 0.8130 currently.
NZD The NZD/USD sits lower this morning, at 0.8120, after drifting downward overnight and suffering post-US FOMC volatility.
NZD The NZD/USD gapped higher in the earlier hours of this morning to above 0.8220, before returning to sit at 0.8200.
NZD The NZD/USD pushed higher overnight to sit at 0.8180 this morning.
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NZD The NZD underperformed on Friday night along with its commodity-linked peers (CAD, AUD). The NZD/USD ended the week at 0.8150.
NZD NZD/USD continues to break lower, with the 0.8200 level broken on the back of a much more cautious RBNZ. The NZD is 0.6% weaker against the USD this morning, sitting at 0.8175.
OUTLOOK CURRENCY: We expect the RBNZ to keep pressure on the NZD today, by reiterating the level is 'unjustified' and keeping the possibility of intervention open. NZD/AUD may find offers if AU unemployment retraces July increases.
OUTLOOK CURRENCY: It is a relatively quiet data day with consolidation in currency markets expected. NZD/AUD gains are expected to attract sellers. GBP may find further support from BoE testimony to parliament.
NZD The NZD fell in line with its peers against the USD overnight, down 0.6% to 0.8280.
OUTLOOK CURRENCY: After a large positive surprise in July the August NAB business confidence seems unlikely to provide further support for AUD. GBP see sustained pressure from industrial and manufacturing production.
NZD The NZD benefitted from a mild USD sell-off on Friday, rising 0.2% against the USD to 0.8330.
OUTLOOK CURRENCY: The ECB is the focus, with the potential for further liquidity to be added to the global system, supporting currencies with yield. We see this month as too early for such a program, and see risks of a EUR bounce.
NZD The NZD slid along with most major currencies as the USD rallied broadly overnight, but took an additional hit from yet another poor dairy auction. NZD/USD is down 0.7% at 0.8320.
OUTLOOK CURRENCY: Australian Q2 GDP should keep pressure on NZD/AUD today, while attention switches to the global service sector, with general risk perception driven by the Chinese, European, and UK service PMIs.
NZD The NZD was the best performing major against the USD last night, though to be honest, it did not take much. NZD/USD is just 0.2% higher at 0.8380.
OUTLOOK CURRENCY: The RBA is not expected to change policy, but there are risks for language changes that support AUD. USD should find demand with consensus forecasts that the ISM survey will maintain elevated levels.
NZD The NZD slipped along with most of the majors against the USD on Friday, dipping 0.3% to 0.8360. That puts NZD/USD smack in the middle of the 0.8300-0.8420 range it largely kept through late August.
OUTLOOK CURRENCY: Markets may be looking for a quiet session with the US out for Labor Day. However, NZD will be driven by Q2 terms of trade, and PMIs from China, Europe and the UK will impact other currencies.
OUTLOOK CURRENCY: USD will be driven by the second release of US Q2 GDP, and there is the potential for revisions. In Europe, German and Spanish CPI will be watched for signals as to the potential for ECB action next week.
By Garry Dean (Sales Trader, CMC Markets New Zealand)
OUTLOOK CURRENCY: USD will find some support today after the message from Yellen remained unchanged. GBP, JPY, and EUR should remain under pressure. The US Services PMI and German IFO are the main data prints out tonight.
NZD The NZD/USD ended the week just below 0.8410.
OUTLOOK CURRENCY: Currency markets have one focus today and that is the speech by FOMC chair Yellen at 2am Saturday. Markets should continue to reduce risk into this event, but should also watch ECB and BoE speeches.
OUTLOOK CURRENCY: Attention will turn to global activity indicators today. HSBC China PMI and NZ data (ANZ job ads, migration, consumer confidence, and card spending), along with flash PMIs in Europe and US will set direction.
OUTLOOK CURRENCY: NZD/AUD may get a catalyst to break support from RBA Steven's semi-annual testimony today. Overnight, attention will firmly be on central bankers with BoE minutes and FOMC minutes scrutinised for signals.
NZD The NZD/USD traded a tight range on Friday, to end the week only slightly lower, just below 0.8490.
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