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18 Sep 2013
NZD/USD capped at 0.8243 and awaits FOMC
FXstreet.com (London) - NZD/USD has enjoyed the dollars bout of weakness and now all eyes are on the FOMC tomorrow.
Meanwhile, research teams at TD Securities said they have downgraded their expectation for Q2 GDP (due Thu) to 0.0% from +0.4% previously, factoring in last week’s poor manufacturing data. “The consensus is looking for a number closer to +0.2%, while the NZ Treasury actually expects a contraction of –0.2%. All of the weakness can be attributed to the impact of the drought that cut dairy production/manufacturing; underlying drivers will likely remain positive and not even a negative number can derail the RBNZ’s plan to start tightening policy next year”.
NZD/USD levels
The 20 DMA is .7920, the 50 DMA is .7939 and the 200 DMA is .8183. RSI (14) reads 69.73. Supports are ascending from .8050, .8074, .8095, .8125 and .8180. Spot is currently .8230 while supports are .8273, .8292 and .8302.
Meanwhile, research teams at TD Securities said they have downgraded their expectation for Q2 GDP (due Thu) to 0.0% from +0.4% previously, factoring in last week’s poor manufacturing data. “The consensus is looking for a number closer to +0.2%, while the NZ Treasury actually expects a contraction of –0.2%. All of the weakness can be attributed to the impact of the drought that cut dairy production/manufacturing; underlying drivers will likely remain positive and not even a negative number can derail the RBNZ’s plan to start tightening policy next year”.
NZD/USD levels
The 20 DMA is .7920, the 50 DMA is .7939 and the 200 DMA is .8183. RSI (14) reads 69.73. Supports are ascending from .8050, .8074, .8095, .8125 and .8180. Spot is currently .8230 while supports are .8273, .8292 and .8302.