NZD/USD clings to 0.6500 despite downbeat New Zealand consumer survey data

  • Fails to benefit from weak US data.
  • Shows little reaction to 3-quarter low New Zealand consumer survey.
  • Fewer data on hand but details/events at the largest customers can entertain traders.

Having attempted a little successful comeback, the NZD/USD pair clings to 0.6500 despite three-quarter low New Zealand consumer survey results at the start of Tuesday’s Asian session.

The Kiwi tried taking advantage of sluggish manufacturing and housing data from the US on Monday. However, looming concerns over the US-China trade war and comparative fundamental strength of the US Dollar (USD) maintained downside pressure on the pair.

The second quarter (Q2) 2019 data from New Zealand’s Westpac consumer survey dropped to 103.5 versus 103.8 prior, lowest since September 2018. However, traders showed little reaction to the sentiment data.

While the local economic calendar doesn’t have anything to direct immediate moves, Australia’s first quarter house price index, RBA meeting minutes and China’s May month house price index could entertain short-term traders. Following that, US housing market stats will also garnet investor attention.

China’s house price index rose 10.7% during April while its counterpart from Australia’s contracted -2.4% during last quarter of 2018 and is likely to improve to -1.6% on a QoQ basis this time. The US building permits for May could remain unchanged at downwardly revised 1.290 million whereas housing starts might increase to 1.240 million against 1.235 million earlier.

Minutes of the latest Reserve Bank of Australia (RBA) meeting are less likely to offer any more signals for future rate cuts but will be observed to gauge policymakers’ tone while announcing the latest rate alteration.

Technical Analysis

Repeated failures to break the yearly low of 0.6480 continues to highlight chances of a pullback to 0.6530 a break of which can escalate the recovery towards May 27 high of 0.6560. Though, a downside break of 0.6480 might not refrain from dragging the quote to October 2018 lows near 0.6460 prior to shifting market focus to the year 2018 bottom of 0.6430.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.


GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.


USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.


Gold looks to close week with small gains below $1,470

The precious metal struggled to find demand on Friday as the upbeat market mood on renewed hopes of the United States and China reaching a trade deal to avoid a tariff hike in December caused investors to move away from safe havens.

Gold News

Crypto Today: Playing with the thin red line

BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table. ETH/USD is moving below the 50-period exponential moving average.

Read more