7 Sep 2015
NZD/USD sits at multi-year lows sub 0.63, China data, RBNZ eyed
FXStreet (Mumbai) - The New Zealand dollar keeps pushing lower versus its American rival in the mid-Asian trades, with NZD/USD languishing in close proximity to the multi-year trough reached sub 0.7250 levels.
NZD/USD cautious ahead of key China data & RBNZ rate decision
Currently, the NZD/USD pair trades -0.15% lower at 0.6279, facing rejection at 0.6295 levels in the Asian hours. The Kiwi extends its downward spiral from Friday after the NZD/USD pair was badly hit on the back of US jobs data release. Although payrolls disappointed markets, the rest of the data were digested as favourable for the odds of an earlier rate hike by the Fed.
The Kiwi fell further into losses this session, as markets continue to digest the recent economic news on both sides of the Atlantic while awaiting the crucial China trade data and the CPI report which may lead another bumpy week ahead.
Moreover, Thursday’s, RBNZ cash rate statement may also be closely watched as markets widely anticipate a rate cut in order to counter the effects of the recent China fears.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6303 (Today’s High) levels and above which it could extend gains 0.6373 (Sept 2 High) levels. To the downside immediate support might be located at 0.6244 (Aug 24 Low) below that at 0.6200 (early 2009 levels).
NZD/USD cautious ahead of key China data & RBNZ rate decision
Currently, the NZD/USD pair trades -0.15% lower at 0.6279, facing rejection at 0.6295 levels in the Asian hours. The Kiwi extends its downward spiral from Friday after the NZD/USD pair was badly hit on the back of US jobs data release. Although payrolls disappointed markets, the rest of the data were digested as favourable for the odds of an earlier rate hike by the Fed.
The Kiwi fell further into losses this session, as markets continue to digest the recent economic news on both sides of the Atlantic while awaiting the crucial China trade data and the CPI report which may lead another bumpy week ahead.
Moreover, Thursday’s, RBNZ cash rate statement may also be closely watched as markets widely anticipate a rate cut in order to counter the effects of the recent China fears.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6303 (Today’s High) levels and above which it could extend gains 0.6373 (Sept 2 High) levels. To the downside immediate support might be located at 0.6244 (Aug 24 Low) below that at 0.6200 (early 2009 levels).