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FXEmpire | May 26 2012 5:27 EDT
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 ended at 0.7958 spending most of the week at the whim of the USD and the overall effect of negative data from China. The NZD trade balance was disappointing, but the presentation of the next annual budget by Bill English was received well by the markets and endorsed by the OECD.
Over the week, the pair bounced between highs and lows as shown in the chart below:
Highest:0.7676 | Lowest:0.7458 | Difference:0.0218 | Average:0.7552 | Change %:-1.71 |
Commodity currencies this week were stuck between the USD and the JPY as investors ran for cover over concerns with Greeces possible exit from the euro and the growing problems with Spanish banks. The markets were also upset by statements from the IMF, the OECD, the World Bank and the IIF, all trying to push the EU into some plan of action. After the much expected EU mini summit with the disappointing conclusion, investors shied away from everything associated with the EU as the euro plummeted to record lows.
All the pacific nations and commodity currencies suffered.
Major Economic Events for the week of May 21-25 actual v. forecast for Yen, the Aussie and the Kiwi
Currency | Actual | Forecast | Previous | |
NZD | Inflation Expectations q/q | 2.4% | 2.5% | |
JPY | Trade Balance | -0.48T | -0.60T | -0.62T |
AUD | CB Leading Index m/m | 0.2% | 0.0% | |
AUD | MI Leading Index m/m | 0.4% | 0.0% | |
JPY | Overnight Call Rate | <0.10% | <0.10% | <0.10% |
NZD | Trade Balance | 355M | 445M | 186M |
JPY | Tokyo Core CPI | -0.8% | -0.6% | -0.5% |
Historical
Highest:0.8816 USD on 31 Jul 2011.
Average:0.7543 USD over this period.
Lowest:0.6619 USD on 07 Jun 2010.
Economic Highlights of the coming week that affect the AUD, JPY, NZD and USD
Date | Currency | Previous | ||
May 28 | 23:30 | JPY | 3.4% | |
23:50 | JPY | 10.3% | ||
May 29 | TBD | AUD | -9.4% | |
13:00 | USD | -3.5% | ||
14:00 | USD | 69.2 | ||
22:45 | NZD | 19.8% | ||
May 30 | 1:30 | AUD | 0.9% | |
1:30 | AUD | -4.6% | ||
14:00 | USD | 4.1% | ||
23:50 | JPY | 1.3% | ||
May 31 | 1:00 | NZD | 35.8 | |
1:30 | AUD | 7.4% | ||
1:30 | AUD | -0.3% | ||
1:30 | AUD | 0.4% | ||
1:30 | JPY | 1.3% | ||
12:15 | USD | 119K | ||
12:30 | USD | 2.2% | ||
12:30 | USD | 370K | ||
13:45 | USD | 56.2 | ||
15:00 | USD | 0.9M | ||
23:50 | JPY | 7.6% | ||
Jun 1 | 12:30 | USD | 115K | |
12:30 | USD | 8.1% | ||
12:30 | USD | 0.2% | ||
12:30 | USD | 0.3% | ||
14:00 | USD | 54.8 |
Upcoming Government Bond Auctions
Date Time Country
May 28- n/a UK
May 28 09:10 Italy
May 29 00:30 Japan
May 29 09:10 Italy
May 29 09:10 Norway
May 30 09:10 Italy
May 30 09:10 Sweden
Click here a current NZD/USD Chart.
Originally posted here
Company : FX Empire
Website : http://www.fxempire.com
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