August 07, 2017 09:35:24 AM
by NewsMovesMarketsForex Staff Writer
NZD starts the Forex market trading week on Sunday evening 08/06/2017 selling off overnight from a high of .7415 to a intra day low on 08/07/2017 to .7350. The NZD has been weakening overnight and is losing upward momentum, it seems to be propelled by a lack luster NZD Inflation Expectations (QoQ) report released on 08/06/2017 of 2.1% the previous was 2.2%.
Other supporting factors weighing down the kiwi are Fridays, August 4, 2017 strong Non Farm Payroll report has apparently given some tail winds for the U.S. dollar strengthening the greenback against the Kiwi with a whooping 209K new jobs added to the American economy. Along with the Private non farm payrolls reporting a robust of 205K news jobs added to the U.S. economy.
The Reserve Bank of New Zealand will meet on Wednesday, 08/09/2017 @ 5:00pm EST for the NZD Official Cash Rate decision. It is highly anticipated that Governor Wheeler will continue to adopt the ongoing Neutral policy and keep the NZD interest rates unchanged at 1.7%.
High Impact breaking economic NZD news events to focus on commencing August 09th 2017:
- 5:00PM EST RBNZ Monetary Policy Statement
- 5:00PM EST RBNZ Gov Wheeler Speech
- 6:45PM EST Electronic Card Retail Sales (M9M) Jul report
- 9:21PM EST RBNZ Gov Wheeler Speech
The technical 4hr chart RSI as of August 7, 2017 09:35am Est has been hovering below 30 an appears to have a bearish outlook for the day. NZD has broken new lows set back on July 20th 2017, down to .7350 and appears to be eyeing the next intra day support levels of .7330 and .7309.