Analysis and Recommendation (NZD/USD forecast):
The NZD/USD dipped 23 points to trade at 0.7477 after trading above the 75 price on Thursday. The US dollar corrected from its drop on the previous day. The US dollar strengthened following its weakness after this week’s disappointing US retail sales, while the kiwi softened after jumping following better-than-expected first quarter retail sales data. The volume of sales rose a seasonally adjusted 2.7 percent in the three months ended March 31, accelerating from a pace of 1.9 percent in the December quarter, government figures showed. That beat expectations and was a record gain; reducing speculation the Reserve Bank is set to cut interest rates through this year. The kiwi was making gains even ahead of the data, with weaker-than-expected US retail sales helping drive the US dollar index to a three-month low 93.461.
“We saw a little bit of US dollar strength last night and that took the gloss off the NZD/USD’s post-retail sales jump,” said Bancorp Treasury Services’ Peter Cavanaugh. The kiwi didn’t move much after the BNZ-BusinessNZ Performance of Manufacturing Index for April showed the second monthly decline to a seasonally adjusted 51.8 from 54.6 in March.
The focus on Friday will be on the first US economic data releases for May, with traders keen to see if the world’s largest economy is recovering from a slower first quarter.
ForexTraq provides in-depth analysis for each currency and commodity we review in forex trading. 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 for NZD/USD in our weekly reports.
Today’s economic releases actual vs. forecast:
|JPY||BoJ Governor Kuroda Speaks|
Upcoming Economic Events that you should be monitoring for NZD/USD in forex trading:
Monday, May 18, 2015
|AUD||RBA Assist Gov Lowe Speaks|
|JPY||Industrial Production (MoM)||-0.3%|
|JPY||Tertiary Industry Activity Index||0.3%|
|CHF||Retail Sales (YoY) (Mar)||-2.7%|
Government Bond Auctions
Date Time Country
May 18 09:30 Germany Eur 1.5bn 12M (May 2016) Bubills
May 18 10:00 Belgium Auctions OLOs
May 20 09:03 Sweden Holds bond auction
May 21 08:30 Spain Auctions Bonos
May 21 09:03 Sweden Holds bond exchange auction
May 21 09:10 France Auctions BTANs
May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt
May 21 10:10 France Auctions
May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May
May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year
May 21 17:00 US Auctions 10-year TIPs
May 22 09:03 Sweden Holds bond exchange auction
May 22 10:00 Norway Details bond auction on 27 May
NZD/USD analysis forecast
REGISTER WITH OUR FORUM AND POST AT LEAST ONE MESSAGE TO GET FREE SIGNALS