OctaFX | OctaFX Forex Broker
Open trading account

Forex: NZD/USD remains in a narrow range, China PMI due out later

FXstreet.com (Barcelona) - The Kiwi closed the day slightly lower, finishing down 3 pips at 0.8561. Economic data out of New Zealand will be quiet in the coming session, but market participants will have an eye on China PMI due out at 1:00 GMT. The pair is currently edging higher during Asia trade, up 7 pips at 0.856.

According to Mike Jones of BNZ Global Markets, “There is no local data on the slate for today (although watch out for the GDT dairy auction early tomorrow morning). However, all eyes will be on the release of China’s ‘official’ manufacturing PMI at 1pm (NZT). A tick down to 50.7 from 50.9 is expected. The recent Chinese data tone has been disappointing so anything south of 50.5 would likely take a reasonable toll on the AUD and NZD”

Short term moving averages remain bullish on the daily chart, with price above both the upward sloping 9 and 20 dma’s. The RSI (14) is also in bullish set up, currently sitting at 60.48 (between the 40-80 bullish zone). Initial support sits at 0.8538 (previous resistance, now support on daily chart), followed by 0.849 (the 9dma). First resistance sits at 0.8586 (high of previous day), followed by 0.8629 (resistance on daily chart).

Forex Flash: Don't be expecting a change in the monthly QE pace at upcoming Fed Meeting – Westpac

The US Dollar Index finished the day sharply lower, closing down 0.54% at 81.72. This was the lowest daily close since Feb 27th, and could lead to further weakness with the Federal Reserve Monetary policy meeting due out in the next US session.
Read more Previous

Forex: USD/JPY finds bids above 97.00

With Nikkei index down -0.37% for the day barely above the 13800 points, USD/JPY is last at fresh session lows 97.22, off late NY session highs at 97.60, ahead of key risk event of the Asian session in the form of China PMI at 01:00 GMT. The pair managed to bounce from fresh 2-week lows at 97 round, on the back of US weak data, and Yen strength.
Read more Next
Start livechat