31 Jul 2013
NZD/USD awaits US data
FXstreet.com (London) - NZD/USD is awaiting key US data releases this afternoon from the US, steady at 0.7990.
Due to overnight activity in the pair and strong business confidence data out of New Zealand, Research teams at TD Securities said "The ANZ business confidence index rose from +50.1 to +52.8 in July (neutral is zero, and the series average is +9), back to the April 1999 level of +52.9. The key own activity net balance edged lower from +45 to +44, led by construction, and is historically equivalent to around 5%/yr GDP growth. Separately, Fonterra upgraded its forecast cash payout for 2013/14 by 50 cents to $7.82/kg, just 23c short of the $8.06 record of three years ago, catching up to the recent dramatic rise in dairy prices”.
US Data
US ADP employment change will be released just ahead of that number. We hen have US GDP in focus. What will be interesting is the markets reaction to the new GDP monitoring system that makes up the data. The US Government has invented a new way of calculating the data that now includes R&D spending, art, music, film royalties, books and theatre, and some will argue it is not comparable with the rest of the global nations. The FOMC is in the spotlight for the evening.
NZD/USD stalled at 0.8100
NZD/USD is contained to the top-side descending resistance line at 0.8139 and supported by the area of bounce at the 0.7700 handle. The pair has been drifting higher since the end of June and is currently being supported at 0.7990. With key data today from the US the levels to keep an eye on are as follows: 20d ma 0.7898, 50d ma 0.7924, 200d ma, 0.8229. RSI (9) reads 55.39. Supports rise from 0.7881, 0.7894, 0.7906, 0.7940. Spot is currently 0.7990 and Resistances are 0.8015, 0.8039, 0.8060 and 0.8105.
Due to overnight activity in the pair and strong business confidence data out of New Zealand, Research teams at TD Securities said "The ANZ business confidence index rose from +50.1 to +52.8 in July (neutral is zero, and the series average is +9), back to the April 1999 level of +52.9. The key own activity net balance edged lower from +45 to +44, led by construction, and is historically equivalent to around 5%/yr GDP growth. Separately, Fonterra upgraded its forecast cash payout for 2013/14 by 50 cents to $7.82/kg, just 23c short of the $8.06 record of three years ago, catching up to the recent dramatic rise in dairy prices”.
US Data
US ADP employment change will be released just ahead of that number. We hen have US GDP in focus. What will be interesting is the markets reaction to the new GDP monitoring system that makes up the data. The US Government has invented a new way of calculating the data that now includes R&D spending, art, music, film royalties, books and theatre, and some will argue it is not comparable with the rest of the global nations. The FOMC is in the spotlight for the evening.
NZD/USD stalled at 0.8100
NZD/USD is contained to the top-side descending resistance line at 0.8139 and supported by the area of bounce at the 0.7700 handle. The pair has been drifting higher since the end of June and is currently being supported at 0.7990. With key data today from the US the levels to keep an eye on are as follows: 20d ma 0.7898, 50d ma 0.7924, 200d ma, 0.8229. RSI (9) reads 55.39. Supports rise from 0.7881, 0.7894, 0.7906, 0.7940. Spot is currently 0.7990 and Resistances are 0.8015, 0.8039, 0.8060 and 0.8105.