NZD/USD: watch commodities, China and US events

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6531 with a high of 0.6544 and a low of 0.6524.

NZD/USD is trading in a broadly bearish trend although at the start of the Asian session, the outlook was a little brighter for the bird with the October building permits +5.1% m/m vs the prior -5.7% and arrived at the highest level since July 2004 after two consecutive months of decline.

However, with the market fixated on the forthcoming week in US data and events while expectations are for a Fed hike to come of the FOMC meeting, the greenback prevails at the top spot and it will take ‘something’ to carve out a change in direction in the price. China is a real threat this week and it is alsoa big week for commodities and with the bird hinged to the sector, kiwi trader’s eyes will be on the OPEC meeting and the GDT price index later in the week. As noted by analysts at ANZ, the NZ milk powder futures fell on Friday as the market reacted negatively to NZ October milk production falling less than expected – down 2.7% y/y.

NZD/USD levels

Technically, price is pressured …read more

Source:: FX Street