- China's trade surplus widened less than expected in December.
- Building Permits in New Zealand declined by 8.5% in November.
- US Dollar Index posts small daily gains above 97.40 ahead of US CPI data.
The NZD/USD pair registered small daily gains during the Asian trading hours but turned south ahead of the American session. As of writing, the pair was down 0.23% on a daily basis at 0.6613.
Earlier in the day, the data from China showed that Trade Surplus in December widened to $46.79 billion from $37.93 billion in November with Exports rising 7.6%. However, this reading came in slightly worse than the market expectation for a surplus of $48 billion and made it difficult for the China-proxy NZD to capitalize on the data.
Additionally, Statistics New Zealand rpeorted that Building Permits in November fell 8.5% to miss analysts' estimate for an increase of 2.1% by a wide margin.
In the meantime, investors seem to be refraining from making large bets while waiting to see the details of the US-China phase-one trade deal, which is expected to be released ahead of the signing ceremony in Washington on Wednesday.
Eyes on US CPI data
On the other hand, the US Dollar Index is posting small daily gains and fluctuating in a tight range below the 97.50 mark. The Consumer Price Index (CPI) data from the US on Tuesday will be watched closely by the market participants. Previewing the inflation report, "inflation may return to the spotlight at a later stage, as the Fed struggles to live up to the 2% inflation mandate when looking at PCE core inflation. We expect CPI core inflation to rise 2.3% y/y in line with consensus,” said Danske Bank analysts.
Technical levels to watch for
|Today last price||0.6613|
|Today Daily Change||-0.0020|
|Today Daily Change %||-0.30|
|Today daily open||0.6633|
|Previous Daily High||0.6654|
|Previous Daily Low||0.662|
|Previous Weekly High||0.6681|
|Previous Weekly Low||0.6599|
|Previous Monthly High||0.6756|
|Previous Monthly Low||0.6424|
|Daily Fibonacci 38.2%||0.6633|
|Daily Fibonacci 61.8%||0.6641|
|Daily Pivot Point S1||0.6617|
|Daily Pivot Point S2||0.6602|
|Daily Pivot Point S3||0.6583|
|Daily Pivot Point R1||0.6651|
|Daily Pivot Point R2||0.667|
|Daily Pivot Point R3||0.6685|
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.