By FXEmpire.com
Analysis and Recommendation:
The NZD/USD fell versus the Australian dollar after the nation’s biggest trading partner posted first-quarter gross domestic product that grew more than twice the pace economists had predicted.
The New Zealand dollar fell to 0.7733 Australian cents at 5pm from 0.7760 immediately before the growth figures were released. The kiwi rose to 0.7622 from 0.7559.
Australian GDP expanded 1.3% in the three months ended March 31, according to government data.
Yesterday the RBA also dropped its key lending rate to 3.50 from 3.75 a drop of 25 bps.
Contagion from the European debt crisis continues to worry investors and economists around the globe. Yesterday, the G7 had an emergency teleconference.
In a statement, Treasury said that the G7 finance officials agreed to keep monitoring developments closely in the run-up to a leaders’ summit of the Group of 20 major economies on June 18-19 in Los Cabos, Mexico. The European debt crisis is expected to be the major agenda item at that meeting. The G7 countries are the United States, Japan, Germany, France, Britain, Canada and Italy. The G20 includes the G7 nations plus emerging economic powers such as China, India and Brazil.
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 June 5 – 6, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
Final Services PMI |
46.7 |
46.5 |
46.5 |
|
|
EUR |
Retail Sales m/m |
-1.0% |
-0.1% |
0.3% |
|
|
EUR |
German Factory Orders m/m |
-1.9% |
-1.0% |
3.2% |
|
|
Building Permits m/m |
-5.2% |
-0.3% |
4.9% |
||
|
CAD |
Overnight Rate |
1.00% |
1.00% |
1.00% |
|
|
USD |
ISM Non-Manufacturing PMI |
53.7 |
53.6 |
53.5 |
|
|
Jun 6 |
AUD |
GDP q/q |
1.3% |
0.5% |
0.6% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 7 |
1:30 |
AUD |
4.9% |
|
|
1:30 |
AUD |
15.5K |
||
|
12:30 |
USD |
383K |
||
|
14:00 |
USD |
|||
|
23:50 |
JPY |
0.79T |
||
|
23:50 |
JPY |
1.0% |
||
|
Jun 8 |
1:30 |
AUD |
-1.59B |
|
|
1:30 |
AUD |
0.3% |
||
|
12:30 |
USD |
-51.8B |
||
|
14:00 |
USD |
Government Bond Auctions
Date Time Country
Jun 07 00:30 Japan
Jun 07 08:30 Spain
Jun 07 08:50 France
Jun 07 09:10 Sweden
Jun 07 15:00 US
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Click here for updated NZD/USD News.
Originally posted here
