19 Sep 2013
NZ GDP next: Impact on NZD/USD
FXstreet.com (Barcelona) - Up next at 22.45 GMT is the New Zealand Gross Domestic Product release for Q2, a figure that will most likely be a big mover for the NZD/USD, as the number provides an excellent indication about the state of the economy.
The data may also help cement the hawkish monetary policy stance by the RBNZ, a central bank which, as many others, does not welcome the latest '0' taper move by the Fed, and the consequences it immediately had on a much stronger Kiwi.
According to Kenny Fisher from ForexCrunch: "Markets are expecting another weak release for Q2, with an estimate of a gain of just 0.2%", with the Analyst identifying 0.8448, 0.8396 as next immediate resistances, while 0.83, 0.8177 are next supports.
5 Scenarios - ForexCrunch
Within expectations: -0.1% to 0.5%. NZD/USD is likely to rise within range, small chance of breaking higher.
Above expectations: 0.6% to 0.9%: An unexpected higher reading can push the pair one resistance line.
Well above expectations: Above 0.9%: NZD/USD could break a second line of resistance as a result.
Below expectations:-0.5% to -0.2%: A weak GDP figure could push NZD/USD below one support level.
Well below expectations: Below -0.5%. NZD/USD could push below a second level of support.
The data may also help cement the hawkish monetary policy stance by the RBNZ, a central bank which, as many others, does not welcome the latest '0' taper move by the Fed, and the consequences it immediately had on a much stronger Kiwi.
According to Kenny Fisher from ForexCrunch: "Markets are expecting another weak release for Q2, with an estimate of a gain of just 0.2%", with the Analyst identifying 0.8448, 0.8396 as next immediate resistances, while 0.83, 0.8177 are next supports.
5 Scenarios - ForexCrunch
Within expectations: -0.1% to 0.5%. NZD/USD is likely to rise within range, small chance of breaking higher.
Above expectations: 0.6% to 0.9%: An unexpected higher reading can push the pair one resistance line.
Well above expectations: Above 0.9%: NZD/USD could break a second line of resistance as a result.
Below expectations:-0.5% to -0.2%: A weak GDP figure could push NZD/USD below one support level.
Well below expectations: Below -0.5%. NZD/USD could push below a second level of support.