Latest technical predictions for the Kiwi dollar in the near-term issued by ANZ Research.
The NZ exchange rate complex (NZD) remains under pressure despite gains from other currencies in its peer group.Both the NZD and AUD have lost ground as markets start to factor in interest rate cuts for both countries following Canada’s surprise rate cut last week.
"It seems to be a case of lumping all the commodity currencies into one basket. Interest rate cuts are unlikely for NZ with strong economic growth, full employment and a surging housing market. Australia could probably benefit from a cut in rates but the RBA may be reluctant because of their own surging housing market in Sydney and Melbourne. The NZ Reserve Bank give us an update on Thursday morning and the Australian Reserve Bank meet next Tuesday February 3rd," says a currency note from Tuatara Managent.
The big question though concernswhere the kiwi dollar will be heading next.
ANZ Research have issued their latest predictions:
NZD/USD:The NZD remained under pressure yesterday – despite a bounce in other “risk currencies” – as markets continue to look toward Thursday’s RBNZ. The USD should remain firm today, supported by fundamental data in the form of Richmond Fed, consumer confidence, housing releases, and durable goods.
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