When is the NZ GDP and how could it affect the NZD/USD?
|New Zealand quarterly GDP overview
Tuesday at 22:45 GMT sees the latest quarterly GDP figures from New Zealand, and the headline q/q/ figure is expected to tick down from 0.6% to 0.5%, while the y/y figure is expected to match, forecast to come in at 2.7% versus the previous reading of 2.9%.
How could it affect the NZD/USD?
A worse-than-expected miss for the GDP figures would be poorly timed, with the Kiwi slumping into technical lows, while expectations of a positive reading are limited, with the New Zealand economy consistently mixed on data releases recently. As FXStreet's own Eren Sengezer noted, "the pair could face the first support at 0.6850 (May 16 low) ahead of 0.6800 (psychological level) and 0.6775 (Nov. 17 low). On the upside, resistances align at 0.6940 (Jun. 19 high), 0.6990/0.7000 (50-DMA/psychological level) and 0.7060 (Jun. 6 high). The RSI indicator on the daily chart remains a little above the 30 mark, suggesting that the pair could edge lower before becoming technically oversold."
About the NZ GDP
The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.
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