NZD/USD: remains in bear channel testing 100 dma
On a bid day for commodity currencies, the bigger picture still remains that NZD/USD is down to test the 100 dma at 0.6719 having printed lows of 0.6692 from a high of 0.6766.
NZD/USD remains in a multi-week downtrend – Westpac
The main focus for the Kiwi comes with the RBNZ and markets are repricing a June cut, or further action later in the year to curb deflationary headwinds in respect to Fonterra’s recent revisions to the outlook for dairy prices earlier this week. In respect to the US dollar, the attention now shifts to Yellenwho speaks tomorrow. The market has started to backpedal in respect to the hype over the recent FOMC minutes and Fed chat that June is an appropriate month to hike, while data is not stacking up to the standards required for the Fed to be able to hike.
Today’s data was ok, but not great and the underlying details are weak in respect to the US being in a position that is requiring a rate hike as soon as June or beyond before the US elections towards the end of the year.
US: Durable goods order April headline good, underlying details weak – Wells Fargo
NZD/USD …read more
Source:: FX Street
