- NZD/USD: US dollar making a comeback.
- NZD/USD: looking ahead to Central Banks.
The bird ended last week down 0.23% at 0.7392 within a range between 0.7437-0.7378. NZD/USD is currently trading at 0.7377 with a high of 0.7382 and a low of 0.7374.
US Commerce Department recommends tariffs and/or quotas on steel and aluminium - ANZ
The focus remained on the US dollar last week that ended higher in NY by +0.46% with US 10-year yields pulling back from 2.91% to 2.87% but the Fed fund futures yield was pricing in four rate hikes by end-2019. There was little in the way of fundamentals and it is going to be a quiet start in the week in the same respect given we have China out still and US President day.
What and where next?
Looking ahead, however, focus will be on this week's FOMC minutes and in the background, economists will continue to assess what the next move might be from the RBNZ. "We think it is most likely that the RBNZ will remain on hold until late 2019,' argued analysts at ANZ. "Of course, forecasting is an uncertain business, and we have warned that although an OCR cut this year is not likely, it remains a possibility. Indeed, given our views on GDP growth, we regard a cut in the OCR this year as more likely than a hike," the analysts added.
NZD/USD levels
The bird is headed back to test the previous resistance line made up from 0.7436 (Jan 23rd high) 0.7419 (30th Jan high), and 0.7379 (13th Feb high). The next key resistance, should this support level hold, is the 0.7435/40 triple top level ahead of 0.7557, 21st July 2017 high. On a correction and a continuation of the dollar's come back, 0.7360 and 0.7330 guards 0.7280.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.