19 May 2015
NZD/USD dropping lower on NZ data
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7380 with a high of 0.7402 and a low of 0.7366.
NZD/USD has extended the downside in early Asia ahead of the Tokyo open. 0.7400 has been a tough level to crack since sliding from the mid point for the handle in earlier trade overnight while the greenback was better bid in Europe and the US session.
Meanwhile, New Zealand data has been disappointing and taken the bird lower. New Zealand's Q1 PPI output came in at -0.9% QoQ vs -0.1% prior, while input was -1.1% QoQ vs -0.4% prior, with the yearly reading at -2.5% for output and -4% for input. Technically, the pair remains bearish while trading below the hourly 100 and 200 SMA's located at 0.7458 and 0.7444 and fundamentally the risks are to the downside also while the sentiment is dovish around the RBNZ's next move.
NZD/USD has extended the downside in early Asia ahead of the Tokyo open. 0.7400 has been a tough level to crack since sliding from the mid point for the handle in earlier trade overnight while the greenback was better bid in Europe and the US session.
Meanwhile, New Zealand data has been disappointing and taken the bird lower. New Zealand's Q1 PPI output came in at -0.9% QoQ vs -0.1% prior, while input was -1.1% QoQ vs -0.4% prior, with the yearly reading at -2.5% for output and -4% for input. Technically, the pair remains bearish while trading below the hourly 100 and 200 SMA's located at 0.7458 and 0.7444 and fundamentally the risks are to the downside also while the sentiment is dovish around the RBNZ's next move.