Not a lot going on in New Zealand over the next few days, which means NZD price action will likely take cues from countercurrencies and broad market themes.
Which potential catalysts can move the comdoll this week?
Here’s a short list!
Lower-tier economic releases
- ANZ commodity prices (Jan 13, 12:00 am GMT) slowed down from 2.0% to 0.9% in December
- Building consents (Jan 13, 9:45 pm GMT) to slow down from 8.8% to 7.0% in November
- Food price index (Jan 14, 9:45 pm GMT) seen rising by 2.5% (from 2.6%) in December
Overall risk-taking
- The broad U.S. dollar downtrend shows no sign of easing up, which could further boost high-yielding currencies like the Kiwi
- News on new COVID-19 strains, rising cases, lockdown plans, and vaccine rollout will continue to influence the comdolls’ intraweek trends
- Closely watched releases like China’s CPI and trade data, Germany and the U.K.’s GDP reports, and Uncle Sam’s retail sales print can cause intraday spikes among the major NZD pairs
Technical snapshot
- Stochastic considers NZD “oversold” against AUD
- NZD may be “oversold” against CAD, EUR, CHF, and JPY on the daily time frame
- Daily SMAs reflect the Kiwi’s short and long-term bearish trend against the Aussie
- NZD is seeing short-term bearish pressure across the board
- The Kiwi was most volatile against the safe-havens and the pound in the last seven days
Missed last week’s price action? Read NZD’s price recap for Jan. 4 – 8!
