By FXEmpire.com
Analysis and Recommendation:
The NZD/USD is trading over the 80 mark this morning at 0.8014 as traders have moved into higher risk assets helping lower the strength of the USD but also moving into commodity currencies.
The kiwi rose more than one US cent, after European Central Bank president Mario Draghi said policy makers will do whatever it takes to support the euro – helping stoke risk appetite worldwide.
Dr Draghi told the Global Investment Conference in London that the ECB is “ready to do whatever it takes to preserve the euro” within its mandate and that he was confident “it will be enough”.
Stocks rallied strongly across Europe and the US and so-called growth currencies such as the kiwi, Australian and Canadian dollars advanced at the expense of so-called safe havens such as the greenback and the yen.
We see near-term resistance at 0.8080, and support at 0.8000.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data July 27, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 27 |
KRW |
South Korean Current Account |
3.68B |
5.00B |
3.13B |
|
JPY |
Tokyo Core CPI (YoY) |
-0.6% |
-0.7% |
-0.6% |
|
|
JPY |
National Core CPI (YoY) |
-0.2% |
0.0% |
-0.1% |
|
|
JPY |
Retail Sales (YoY) |
0.2% |
1.2% |
3.6% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 30 |
23:30 |
JPY |
Household Spending y/y |
4.0% |
|
Jul 31 |
1:00 |
NZD |
NBNZ Business Confidence |
12.6 |
|
1:30 |
AUD |
Building Approvals m/m |
27.3% |
|
|
1:30 |
AUD |
Private Sector Credit m/m |
0.5% |
|
|
1:30 |
JPY |
Average Cash Earnings y/y |
-1.1% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.1% |
|
|
12:30 |
USD |
Employment Cost Index q/q |
0.4% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.0% |
|
|
13:00 |
USD |
S&P/CS Composite-20 HPI y/y |
-1.9% |
|
|
13:45 |
USD |
Chicago PMI |
52.9 |
|
|
14:00 |
USD |
CB Consumer Confidence |
62.0 |
|
|
Aug 1 |
1:30 |
AUD |
HPI q/q |
-1.1% |
|
12:15 |
USD |
ADP Non-Farm Employment Change |
176K |
|
|
14:00 |
USD |
ISM Manufacturing PMI |
49.7 |
|
|
18:15 |
USD |
FOMC Statement |
||
|
Aug 2 |
1:30 |
AUD |
Retail Sales m/m |
0.5% |
|
1:30 |
AUD |
Trade Balance |
-0.29B |
|
|
12:30 |
USD |
Unemployment Claims |
||
|
14:00 |
USD |
Factory Orders m/m |
0.7% |
|
|
23:30 |
AUD |
AIG Services Index |
48.8 |
|
|
Aug 3 |
12:30 |
USD |
Non-Farm Employment Change |
80K |
|
12:30 |
USD |
Unemployment Rate |
8.2% |
|
|
12:30 |
USD |
Average Hourly Earnings m/m |
0.3% |
|
|
14:00 |
USD |
ISM Non-Manufacturing PMI |
52.1 |
Government Bond Auctions
Date Time Country
Jul 30 09:10 Italy
Jul 30 10:00 Belgium
Jul 31 00:30 Japan
Jul 31 09:30 Belgium
Aug 01 09:30 Germany
Aug 01 10:00 Norway
Click here for further NZD/USD Forecast.
Originally posted here
