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30 Jul 2015
NZD/USD inching off the lows, but not on building permits
FXStreet (Guatemala) - NZD/USD is currently trading 0.6652 with a high of 0.6673 and a low of 0.6637.
NZD/USD has extended the downside with a bid dollar as markets progressed in to the dollar after the FOMC statement.
Just out, we have the release of New Zealand building permits at -4.1% vs a flat prior while the bird is a little bid and recovering from the lows on the FOMC. The markets are in anticipation of a Fed hike before the year is out and while the statement didn't offer solid forward guidance in respect of timings of a rate hike, as Kit Juckes, macro strategist at Societe Generale said, they are "turning the screw, an inch at a time," and the bottom line is that they FOMC is closer to tightening.
Meanwhile, the markets have put the bird on the back burner while now focussing back to a Fed hike despite Wheeler's surprising rhetoric yesterday when he challenged the idea that the economy will need to make big cuts to the OCR when he said "The large declines in interest rates currently predicted by “some local commentators” would only be consistent with the economy moving into recession. "
NZD/USD is now testing the downside at some pace and threatens the 0.6600 psychological level on a break below 0.6620/30. 0.6720 caps a recovery through 0.6680.
NZD/USD has extended the downside with a bid dollar as markets progressed in to the dollar after the FOMC statement.
Just out, we have the release of New Zealand building permits at -4.1% vs a flat prior while the bird is a little bid and recovering from the lows on the FOMC. The markets are in anticipation of a Fed hike before the year is out and while the statement didn't offer solid forward guidance in respect of timings of a rate hike, as Kit Juckes, macro strategist at Societe Generale said, they are "turning the screw, an inch at a time," and the bottom line is that they FOMC is closer to tightening.
Meanwhile, the markets have put the bird on the back burner while now focussing back to a Fed hike despite Wheeler's surprising rhetoric yesterday when he challenged the idea that the economy will need to make big cuts to the OCR when he said "The large declines in interest rates currently predicted by “some local commentators” would only be consistent with the economy moving into recession. "
NZD/USD is now testing the downside at some pace and threatens the 0.6600 psychological level on a break below 0.6620/30. 0.6720 caps a recovery through 0.6680.