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COZfx: NZD/USD weekly outlook

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COZfx: NZD/USD weekly outlook

Postby dwang » Mon Feb 24, 2014 2:05 am

COZforex: The New Zealand weakened against its US counterpart on Friday, as investors continued to look past a recent series of disappointing US economic reports, attributing them to severely cold winter weather.

NZD/USD declined to 0.8241 on Thursday, the pair’s lowest February 7, before subsequently consolidating at 0.8281 by close of trade, down 0.28% for the day and 1.05% lower for the week. COZFX strategist Nigel Boynton said, NZD/USD is likely to find support at 0.8241, the low from February 20 and resistance at 0.8342, the high from February 19.

Wednesday’s minutes of the Fed’s January meeting showed that officials agreed the current pace of reductions to the bank’s asset purchase program would remain unchanged, so long as the economy shows signs of improvement. The US central bank is currently purchasing $65 billion of assets per month.

Data from the Commodities Futures Trading Commission released Friday showed that speculators increased their bullish bets on the New Zealand dollar in the week ending February 18.

In the week ahead, market players will continue to pay close attention to US economic data releases for further indications on the strength of the economy and the future course of monetary policy.

The US is to publish revised data on fourth quarter economic growth, while data on durable goods orders and consumer confidence will also be in focus.

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