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COZfx: NZD/USD higher despite downbeat NZ trade data

Discussion in 'Analisa Fundamental' started by harryer, Aug 27, 2013.

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  1. harryer

    harryer Member

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    COZforex: The New Zealand dollar was higher against its US counterpart on Monday, despite disappointing New Zealand trade balance data, as ongoing uncertainty over the future of the Federal Reserve's stimulus program weighed on the greenback.

    NZD/USD hit 0.7834 amid late Asian trade, the session high; the pair subsequently consolidated at 0.7833, adding 0.32%. COZFX strategist Nigel Boynton said, NZD/USD was likely to find support at 0.7737, the low of August 5 and resistance at 0.7967, the high of August 21.

    Official data showed that New Zealand's trade balance swung into a deficit of NZD774 million in July, from a surplus of NZD374 million the previous month. Analysts had expected the trade surplus to narrow to NZD50 million last month.

    In the US, the Commerce Department on Friday said new home sales dropped by a larger-than-forecast 13.4% in July, the largest decline in more than 3 years.

    The weak data sparked concerns over the strength of the recovery in the housing sector and fuelled speculation over whether the Fed will start to scale back its USD85 billion-a-month asset purchase program in September.

    The kiwi was also higher against the euro with EUR/NZD shedding 0.34%, to hit 1.17074.

    Later in the day, the US was to release data on durable goods orders.

    (COZ forex UK)
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