
The G20 summit took place in Bali, Indonesia, on November 2022…
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NZD/USD has broken the marked downtrend that has been lasting for a month. Recently, it reached levels unseen since December 2019. What are the reasons?
NZD/USD has been mainly driven by the weakness of the US dollar. Yesterday, US Fed’s Chair Jerome Powell claimed that the Fed will allow inflation and employment to run higher. Therefore, the interest rates will stay at low levels for years to come. Most analysts took it skeptically as they believe these measures may lead to the fragility of the US economy. As a result, the dovish outlook of the Fed’s statement pressed on the greenback. Consequently, riskier assets surged, and the New Zealand dollar was just one of them. That goes against the wish of the Reserve Bank of New Zealand to see the kiwi depreciated, as it makes their goods and services more expensive for other countries. Indeed, the continued bid in the New Zealand dollar will be discouraging for the country.
Economic indicators also added headwinds to the kiwi this week. New Zealand’s retail sales turned out better than predicted this Monday: -14.6% vs. the forecast of -16.3%. Moreover, New Zealand reported a trade surplus, which came out almost matching expectations: 282 million New Zealand dollars, while 285 million were anticipated.
NZD/USD has surged above 0.6720 for the first time since the very beginning of this year. If the pair continues to rise and breaks the resistance of 0.6750, its next bullish target will be at 0.6790 – the high of July 2019. In the opposite scenario, the move below the psychological mark of 0.6600 will drive the price lower to the support of 0.6520. Follow further news and join the flow!
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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