We have updated our privacy policy and terms & conditions. Find out more here.
1
 

Forex - NZD/USD weekly outlook: April 15 - 19

By Investing.comForexApr 14, 2013 11:44AM GMT Add a Comment
 
AA
+
-
Investing.com - The New Zealand dollar came off a 20-month high against its U.S. counterpart on Friday, as appetite for growth-linked assets weakened following the release of disappointing U.S. economic data.

Forex - NZD/USD weekly outlook: April 15 - 19
NZD/USD hit 0.8675 on Thursday, the pair’s highest since August 3, 2011; the pair subsequently consolidated at 0.8588 by close of trade, holding on to a 1.8% gain for the week.

The pair is likely to find support at 0.8545, Friday’s low and resistance at 0.8675, Thursday’s high and a 20-month high.

The U.S. Commerce Department said in a report Friday that retail sales fell 0.4% in March, the largest decline in nine months and missing expectations for a 0.1% increase.

A separate report showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to 72.3 in April, the lowest level since July, from a final reading of 78.6 in March.

Earlier in the week, the minutes of the Federal Reserve’s March meeting showed that several policymakers favored an early end to the bank’s asset purchase program.

The Fed minutes, which were inadvertently released ahead of schedule, showed that that a few policymakers saw quantitative easing tapering around midyear, while several others believed it would be appropriate to slow later in the year and to stop by the end of the year.

However, the impact of the minutes was muted as the meeting was held before nonfarm payrolls data showed that the U.S. economy added far fewer than expected jobs in March.

In the coming week, the U.S. is to publish a broad range of economic data, with reports on manufacturing activity, the housing sector and inflation due for release. Investors will be closely watching this data as they attempt to gauge the strength of the U.S. recovery.

Market participants will also be watching a flurry of Chinese economic reports due this week to gauge the strength of the world’s second largest economy and a key trading partner of the Pacific nation.

In addition, investors will be looking ahead to a report on consumer price inflation from New Zealand.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.

Monday, April 15

China is to release official data on first quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health. Beijing is also to release government data on retail sales, industrial production and fixed asset investment.

The U.S. is to publish data on manufacturing activity in New York state, a leading economic indicator.

Tuesday, April 16

The U.S. is to publish official data on building permits, an excellent indicator of future construction activity and on housing starts. The U.S. is also to release data on consumer inflation, industrial production and the capacity utilization rate.

Wednesday, April 17

New Zealand is to release official data on consumer inflation.

Thursday, April 18

The U.S. is to release the weekly government report on initial jobless claims as well as data on manufacturing activity in Philadelphia.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Forex - EUR/USD edges higher on upbeat Gfk report
By 
Investing.com
 - Oct 24, 2014
Dollar gains on U.S. jobless claims data, earnings
By 
Investing.com
 - Oct 23, 2014

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NZD/USD
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg