|Day's Range||0.658 - 0.661|
|52 Week Range||0.6207 - 0.6941|
Based on the early price action and the current price at .6597, the direction of the NZD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to .6625.
The pound is subdued on Tuesday, but that could change later in the day, as investors brace for soft employment numbers out of the U.K. (releases at 9:30 GMT).
More stats due out of the UK could test the Pound further this afternoon. Earlier in the day, the BoJ held rates steady.
British numbers were dismal last week. On Friday, retail sales declined by 0.6%. The pound is showing signs of weakness, as it has slipped below the symbolic 1.30 level. Is cable headed for further losses?
This week’s price action will be largely controlled in Australia by the Employment Change and Unemployment Rate reports. The results of these reports could determine whether the Reserve Bank of Australia trims their benchmark interest rate in February.
The PBoC left LPRs steady this morning, with some time likely needed to asses the impact of recent cuts and the phase 1 agreement.
Based on Friday’s close at .6611, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the minor pivot at .6625.
The Aussie and Kiwi were also underpinned by the inking of the trade deal, but domestic economic concerns limited gains as well as increasing chances of central bank rate cuts. Demand for higher-yielding assets drove the Japanese Yen lower.
The British pound is steady, but could receive a boost if retail sales delivers a solid gain (release on Friday at 9:30 GMT). The story of the week has been the Chinese yuan, which has climbed to a 7-month high against the U.S. dollar.
Thursday starts with the weakness on the American Dollar and new all-time highs on the SP500. The second part should not be a surprise but the weakness of the USD is something new in the 2020.
The pound has remained steady this week, despite some dismal economic data. GDP declined by 0.3% in November and inflation slowed to 1.3% in December. If the soft economic numbers keep coming, the pound could find itself in 1.29 territory in a hurry.
Based on the early price action and the current price at .6628, the direction of the NZD/USD the rest of the session on Thursday is likely to be determined by trader reaction to the intermediate Fibonacci level at .6632.
Based on the price action this week and the current price at .6616, the direction of the NZD/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the intermediate Fibonacci level at .6632.
The pound has clawed its way back above the 1.30 line. Still, this week’s soft GDP release underscores a weak British economy, which could dampen investor sentiment towards the pound.
The pound continues to lose ground and fell below the symbolic 1.30 line on Monday. A contraction in November GDP points to a weak British economy, which could mean more turbulence for the currency.
Based on the early price action and the current price at .6627, the direction of the NZD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the Fibonacci level at .6632.