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NZD/USD drifting on the bid ahead of key data in week

FXStreet (Guatemala) - NZD/USD is trading at 0.7962, up 0.52% on the day, having posted a daily high at 0.7980 and low at 0.7916.

NZD/USD dropped into the final trading hours of last week as the greenback replenished losses into the close across the board. However, the bird has started out on the right foot and is rising in a climate that is seeking out yield. For today we are light on data and the main drivers will come later in the week. However, it is worth noting todays Migration numbers as the market will look there for a key source of upside risk to inflation and the rate outlook, as noted by analysts at TD Securitise. “Any number above +4.5k will have the RBNZ on high alert”. Then, we look down the calendar for the Q3 CPI. However, the analysts at TD Securities explained that this is unlikely to move the market, “With risk to TD’s +0.6% f/c for Q3 to the downside”.

For the greenback this week, the US calendar is going to be quieter than it has been of late ahead of the FOMC next week as the key focus. However, we will get a look into the Housing data and CPI are later on in the week as well as initial jobless claims again.

NZD/USD noteworthy levels

With spot trading at 0.7963, we can see next resistance ahead at 0.7969 (Daily Classic R1), 0.7971 (Yesterday's High), 0.7980 (Daily High), 0.7988 (Weekly High) and 0.8016 (Weekly Classic R1). Support below can be found at 0.7949 (Hourly 20 EMA), 0.7940 (Daily 20 SMA), 0.7927 (Daily Open), 0.7922 (Daily Classic PP) and 0.7918 (Hourly 100 SMA).

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