AUD/NZD slides beneath 1.0300 on New Zealand GDP, Australian jobs in spotlight

Upbeat New Zealand GDP figures increased downside pressure on the pair ahead of the key Australian jobs report.
Sellers my concentrate on a breakdown of 1.0292 support for further declines.

Anil Panchal FXStreet

AUD/NZD flirts with 1.0300 with the 1.0298 being latest low on early Thursday. The pair dropped to a week’s low after New Zealand gross domestic product (GDP) data. Investors may now focus on Austria’s employment details for fresh impulse.

New Zealand’s fourth-quarter GDP data trimmed more than 60 pips of the AUD/NZD pair as it rose 0.6% (QoQ) over 0.3% prior. Buyers gave little importance to the yearly GDP figure that lagged behind 2.5% market consensus and 2.6% previous to 2.3%.

Trader’s immediate focus may now turn towards monthly employment figures from the Australian Bureau of Statistics. The seasonally adjusted unemployment rate for February month isn’t likely to change from 5.0% but the employment change may have softened by 14.0K from 39.1K prior.

In addition to data dossier, developments surrounding the US-China trade deal could also weigh on the pair as China is Australia’s largest consumer. Recently, the US lawmakers including treasury secretary and trade representative have conveyed their plans to visit Beijing over the next week in order to give final shape to the trade negotiations before the US President Donald Trump and his Chinese counterpart Xi Jinping meet for the decision. It was earlier speculated that China is rolling back trade proposals which didn’t go well with the commodities and antipodeans.

AUD/NZD Technical Analysis

The quote is yet to break March 13 low of 1.0292 in order to highlight September 2016 bottom around 1.0230 and mid-April 2015 supports near 1.0220.

Alternatively, 1.0370 and 1.0400 are likely nearby resistances that buyers can aim for till they are above 1.0300 round-figure.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.