The New Zealand dollar was the most powerful major currency this morning, rising by almost 0.4% against the US dollar. The main reason, coupled with increased risk appetite, was retail sales data for the second quarter, which was much higher than expected. Specifically, rising by 1.1% q / q (in real terms), while estimates only showed an increase of 0.3 q / q. Although the data could translate into a much-anticipated relief for NZD, they do not change the general context of monetary policy. According to market expectations, there is a probability of 15% for the rate to be reduced until February 2019. Thus, domestic data could play a minor role in the near future, as the currency is susceptible to movements caused by external factors.
Technically, NZDUSD's quote attempts to return to more than 0.6700 and, if it succeeds in doing so successfully, could allow readers to target new maxims.
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