By FXEmpire.com
Introduction:
The recent strength of the kiwi, a currency sometimes overlooked by traders, made its moves much more predictable. This applies to support and resistance lines alike. This is a very safe pair to trade, not a great deal of volatility but predictability.
Weekly Analysis and Recommendation:
The NZD/USD remained depressed all week, ending the week at 0.7547.
|
Date |
Open |
High |
Change % |
||
|
Jun 01, 2012 |
0.7547 |
0.7534 |
0.7567 |
0.7458 |
0.17% |
|
May 31, 2012 |
0.7534 |
0.7516 |
0.7575 |
0.7501 |
0.24% |
|
May 30, 2012 |
0.7516 |
0.7612 |
0.7620 |
0.7515 |
-1.27% |
|
May 29, 2012 |
0.7613 |
0.7589 |
0.7648 |
0.7578 |
0.32% |
|
May 28, 2012 |
0.7589 |
0.7587 |
0.7646 |
0.7586 |
0.01% |
The kiwi drifted lower on Friday as investors already worried about debt in Europe digested weak Chinese manufacturing reports, and weaker prices for locally-produced raw materials.
The decline came as the ANZ Commodity Price Index tumbled to a 21-month low in May. ANZ said the decline in the kiwi dollar in May outpaced the fall in commodity prices. Merchandise terms of trade data released on Friday also showed a 2.3 per cent decline in the terms of trade in the March 2012 quarter from the previous quarter. This means less imported goods could be funded by a fixed quantity of exported goods.
As long as China’s economic slowdown is in the news, there is little that the kiwi can do, if the programs announced by China this coming week as well accepted we might see a climb.
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.
Major Economic Events for the week of May 28- June 1 actual v. forecast for Yen, the Aussie, and the Kiwi
|
Time |
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
Monday, May 28 |
||||||||
|
19:30 |
JPY |
Unemployment Rate |
4.6% |
4.5% |
4.5% |
|||
|
19:50 |
JPY |
Retail Sales (YoY) |
5.8% |
6.3% |
10.3% |
|||
|
21:00 |
AUD |
HIA New Home Sales (MoM) |
6.9% |
-9.4% |
||||
|
Tuesday, May 29 |
||||||||
|
18:45 |
NZD |
Building Consents (MoM) |
-7.2% |
-10.0% |
19.8% |
|||
|
20:35 |
JPY |
BoJ Governor Shirakawa Speaks |
||||||
|
21:30 |
AUD |
Retail Sales (MoM) |
-0.2% |
0.2% |
1.1% |
|||
|
21:30 |
AUD |
Construction Work Done (QoQ) |
5.5% |
3.0% |
-3.4% |
|||
|
Wednesday, May 30 |
||||||||
|
19:50 |
JPY |
Industrial Production (MoM) |
0.2% |
0.5% |
1.3% |
|||
|
21:30 |
AUD |
Building Approvals (MoM) |
-8.7% |
0.7% |
6.0% |
|||
|
21:30 |
AUD |
Private New Capital Expenditure (QoQ) |
6.1% |
4.0% |
-0.7% |
|||
|
Thursday, May 31 |
||||||||
|
19:50 |
JPY |
Capital Spending |
3.30% |
1.30% |
7.60% |
|||
Historical
Highest: 0.8816 USD on Jul 31, 2011.
Average: 0.7543 USD over this period.
Lowest: 0.6619 USD on Jun 07, 2010.
Economic Highlights of the coming week that affect the AUD, JPY, NZD and USD
|
Date |
Time |
Currency |
Forecast |
Previous |
|
Jun 4 |
1:30 |
AUD |
ANZ Job Advertisements m/m |
-3.1% |
|
1:30 |
AUD |
Company Operating Profits q/q |
-6.5% |
|
|
14:00 |
USD |
Factory Orders m/m |
-1.5% |
|
|
23:30 |
AUD |
AIG Services Index |
39.6 |
|
|
Jun 5 |
1:30 |
AUD |
Current Account |
-8.4B |
|
4:30 |
AUD |
Cash Rate |
3.75% |
3.75% |
|
4:30 |
AUD |
RBA Rate Statement |
||
|
14:00 |
USD |
ISM Non-Manufacturing PMI |
53.5 |
|
|
Jun 6 |
1:30 |
AUD |
GDP q/q |
0.4% |
|
12:30 |
USD |
Revised Nonfarm Productivity q/q |
-0.5% |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
18:00 |
USD |
Beige Book |
||
|
Jun 7 |
1:30 |
AUD |
Employment Change |
4.9% |
|
1:30 |
AUD |
Unemployment Rate |
15.5K |
|
|
12:30 |
USD |
Unemployment Claims |
383K |
|
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
||
|
23:50 |
JPY |
Current Account |
0.79T |
|
|
23:50 |
JPY |
Final GDP q/q |
1.0% |
|
|
Jun 8 |
1:30 |
AUD |
Trade Balance |
-1.59B |
|
1:30 |
AUD |
Home Loans m/m |
0.3% |
|
|
12:30 |
USD |
Trade Balance |
-51.8B |
|
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
Click here for updated NZD/USD News.
Originally posted here
