Mon, Mar 01, 2021 @ 12:23 GMT
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Pro-Cyclical Currencies Rise In Asia

Pro-cyclical currencies, Asian currencies climb Rebounding commodity prices and vaccine optimism have lifted pro-cyclical and Asian currencies this morning. The dollar index rose 0.83% to 90.83 on Friday, but a quiet day on the majors has seen it edge lower to 90.80 in Asia. Far more activity is being seen on...

NZD/USD Breakout Occurs

Downside momentum pressured the New Zealand Dollar against the US Dollar on Friday. The NZD/USD exchange rate declined by 145 pips or 1.97% during Friday's trading session. Given that a breakout had occurred through the lower boundary of an ascending channel pattern, sellers might pressure the currency pair lower during...

Markets Stabilize in Tight Range, Employment and Prices Data in Focus

Commodity currencies and Sterling recover broadly as sentiments in Asian markets stabilized, after mixed economic data. In particular, Nikkei is trading up over 2% at the time of writing, with help from strong PMI manufacturing. On the other hand, Yen turn softer together with Swiss Franc, Dollar and Euro....

CFTC Commitments of Traders – Risky Currencies Pulled Back on Profit-Taking

As suggested in the CFTC Commitments of Traders report in the week ended February 23, NET SHORT of USD Index futures dropped -436 contracts to 13 851. Speculative long positions added +1 750 contracts while shorts were up 1 314 contracts. Concerning European currencies, NET LENGTH in EUR futures...

NZDUSD Plunges From 3½-Year High

NZDUSD is diving below the more than three-and-a-half-year high of 0.7463, slipping below the 20-period simple moving average (SMA). This aggressive move is confirmed by the MACD oscillator, which is falling below the trigger line. However, the RSI is turning higher around the neutral threshold of 50. In trend...

NZD/USD Could Bounce Off Support

The New Zealand Dollar has declined by 122 pips or 1.64% against the US Dollar since yesterday's trading session The currency pair tested the lower line of an ascending channel pattern at 0.7353 on Friday morning. If the lower boundary of the ascending channel holds, bullish traders could pressure the...

Asian Open: Indices Fall As Yields Ring Inflationary Alarm Bells

It was a sea of red for equity markets overnight, as screaming bond yields rang inflationary alarm bells so loud that even equity traders took notice. Asian futures: Australia's ASX 200 futures are currently down -97 points (-1.428%), the cash market is currently estimated to open at 6,737 Japan's Nikkei...

NZ Dollar Pauses after Huge Gains

The New Zealand dollar has posted modest gains in the Thursday session. Currently, NZD/USD is trading at 0.7445, up 0.16% on the day. New Zealand dollar soars The New Zealand dollar exploded on Wednesday, rising 1.3 per cent. The currency shot up after Finance Minister Grant Robertson announced that the...

Powell Puts Recovery Trade Back On Track

The inflationary wobbles in global stock markets were partially put to rest overnight, as the Federal Reserve Chairman, Jerome Powell, continued soothing frazzled nerves during his second day of testimony on the Hill. Apart from highlighting something already mentioned here previously, that cost/push inflation as the global recovery gathers...

NZD/USD Two Scenarios Likely

The New Zealand Dollar surged by 126 pips or 1.73% against the US Dollar on Wednesday. The NZD/USD currency pair tested the upper line of an ascending channel pattern at 0.7450 during yesterday's trading session. All things being equal, the exchange rate could continue to trend higher during the following...

Crude Oil Price Retreats As US Inventories Rise

The New Zealand dollar rose against the US dollar after relatively strong economic numbers from the country. The data showed that the country’s business confidence increased to 7.0 in February mostly because of the ongoing vaccination campaign. The data came a day after the Reserve Bank of New Zealand...

NZD/USD Surges To New 3-Year High, 0.7500 Presents Resistance

Key Highlights NZD/USD surged above the 0.7200 and 0.7300 resistance levels. It broke a key bearish trend line with resistance at 06750 on the weekly chart. AUD/USD is also gaining pace, but it could face resistance near 0.8000. The US Durable Goods Orders could increase 1.1% in Jan 2021,...

Just Like The Good Old Days: Yields, Stocks, Commodities, And USD/JPY All Higher!

Things seem like they are back to normal, regardless of Jay Powell says: Higher stocks, higher yields, higher USD/JPY higher, higher Crude. They all seem to be acting in harmony with one another, just like the old days! With a dovish Powell, one would think the yields and commodities...

NZD Higher Despite RBNZ Cautious Tone

The New Zealand dollar has recorded strong gains in Wednesday trading. Currently, NZD/USD is trading at 0.7379, up 0.61% on the day. RBNZ says prolonged QE needed The New Zealand dollar continues to shine, as it beats up on the US dollar. NZD/USD has gained 1.2% so far this week, and...

NZD/USD Breakout Could Occur

The New Zealand Dollar has surged by 84 pips or 1.15% against the US Dollar since yesterday's trading session. The currency pair tested the upper line of an ascending channel pattern during the London session on Wednesday. Given that the exchange rate is currently trading near the upper border of...

NZDUSD Maintains Upside Potential, But Some Caution Grows

NZDUSD sped up beyond its January’s peak after breaking above a symmetrical triangle, with the price charting a fresh 34-month high of 0.7382 on Wednesday. The short-term bias continues to look bullish as the RSI is sloping upwards and towards its 70 overbought mark, and the MACD keeps strengthening its...

Resolute – Review Of The RBNZ Monetary Policy Statement, February 2021

As expected, the RBNZ left all monetary policy settings unchanged today. The RBNZ resolutely expects to keep policy stimulatory for an extended period. Inflation is rising right now, but the RBNZ thinks this is temporary. The RBNZ wants to see the whites of the eyes of sustained inflation...

New Zealand Dollar Spikes After The RBNZ Decision

The New Zealand dollar rose slightly after the Reserve Bank of New Zealand (RBNZ) interest rate decision. The bank left the main interest rate unchanged at 0.25% and the target of its quantitative easing program at N$100 billion. Further, its lending program for businesses will also continue. In a...

RBNZ Upgraded Economic Forecasts, NZD Shot Higher

The RBNZ delivered a more upbeat statement at today meeting. While leaving the monetary policy measures unchanged and warned of the uneven economic recovery, the staff upgraded the economic projections significantly. Policymakers also introduced a new forward guidance which suggests that policy adjustment will only be made until the...

CHF Selloff Intensifies, NZD Rises after RBNZ

New Zealand Dollar rises broadly today after RBNZ stood pat and didn't sound particularly concerned with the strong exchange rate. Though, Sterling remains the strongest one, continued to be supported by lockdown exit optimism. Other commodity currencies are also firm despite steady risk market sentiments. Yen and Swiss Franc...

NZD/USD and NZD/JPY surges, RBNZ not too concerned with strong Kiwi

New Zealand Dollar surged after RBNZ rate decision, as the central bank didn't sound particularly concerned about recent surge in exchange rate. "The gains from higher export commodity prices have been somewhat offset by the stronger New Zealand dollar" was the only thing that mentioned. In the key baseline scenario...

Asian Open: Powell And Cryptocurrencies Create Turbulence For Indices

A broad sell-off in cryptocurrencies exacerbated pressure on indices, which were already buckling under the strain of higher yields. Until Powell came to the rescue. Asian futures: Australia's ASX 200 futures have fallen by -0.37% to 6,766 Japan's Nikkei 225 futures have fallen by -0.36% to 30,060 Hong Kong's Heng...

Weak Retail Sales Cool off NZ Dollar

The New Zealand dollar has posted small gains in the Tuesday session. Currently, NZD/USD is trading at 0.7313, down 0.22% on the day. Retail Sales slide The New Zealand economy has looked strong, with most key indicators pointing upwards. However, investors were in for a rude surprise on Tuesday, as retail...

GBP OnThe Rise As Pandemic’s End In Sight

The GBP seems to continue its rise against the USD, EUR,JPY and CHF as the UK has started plans on lifting the restriction measures. It's characteristic that UK's PM Johnson stated that the end of the pandemic is “in sight”, providing further confidence in the markets. Johnson explained a...

NZD/USD Bulls Could Prevail

The New Zealand Dollar surged by 55 pips or 0.75% against the US Dollar on Monday. The NZD/USD currency pair tested the 0.7340 level during yesterday's trading session. As for the near future, the exchange rate could continue to trend higher in an ascending channel pattern. The potential target for...

US Dollar Delines Ahead Of Powell’s Senate Testimony

The New Zealand dollar declined slightly today after relatively weak economic data from the country. According to the statistics bureau, the overall retail sales dropped by 2.7% in the fourth quarter after rising by 28% in Q3. This increase was worse than the median estimate of a 0.5% decline....

Currency Pair of the Week: NZD/USD

The Reserve Bank of New Zealand (RBNZ) will meet on Wednesday this week to discuss monetary policy at their latest interest rate decision meeting.   Although the central bank hasn’t met since November 11th, 2020, they are expected to leave rates unchanged at a record low of 0.25%.  In addition,...

US Dollar Under Pressure

The US Dollar falls on Friday The US dollar dipped initially in Asia today, notably against the commodity currencies, but has since regained most of those losses. It diverged from the bond market on Friday, with the dollar index falling 0.25% to 90.36, suggesting that the currency market regards a...

NZD/USD Breakout Could Occur

Upside risks pressured the New Zealand Dollar higher against the US Dollar on Friday. The NZD/USD currency pair surged by 108 pips or 1.50% during Friday's trading session. Everything being equal, the exchange rate could continue to trend up during the following trading session. A breakout through the upper boundary...

NZD/USD resumes up trend, long term resistance at 0.75

NZD/USD's up trend resumes by breaking through 0.7314 resistance today and hits as high as 0.7337 so far. From a near term perspective, current rise from 0.5469 should target 61.8% projection of 0.6589 to 0.7314 from 0.7156 at 0.7604 next. However, a key cluster resistance at 0.7557, 61.8% retracement of...