Good morning to all the NZD traders … here’s what we’ve got coming up from NZ this morning
Due at 2145GMT…
September Building Consents (also known as Building Permits) m/m,
- expected is +1.0%, prior was flat at 0.0% m/m (while the trend is strong, the rate of growth is slowing)
The NZD, like pretty much everything else is a captive to the USD at the moment. It looks very much like the Reserve Bank of New Zealand tightening cycle has run its course for the foreseaable future (that would be the next 3 minutes or so, amiright?) … i.e. for the next 6-12 months. Still, with the OCR at 3.5% the NZD is a good yielder, so there is an underlying bid in the market from the yield chasers.
Just looking at the early levels:
There’s initial resistance 0.7855/65 and then a bit of an air pocket to the topside through to around 0.7910/20 then 0.7950. I haven’t done any fib retracements, (but those who have may wish to chime in).
Support 0.7815/25 then 0.7790 then 0.7760/65.
Hopefully I’ll be back with a look at the AUD and NZD orderboard soon.
