ONLINE FOREX BROKER
2019-11-11 • Updated
Kiwi dollar slid to 0.6995 in the past week amid bad NZ trade balance data and higher USD. The Reserve Bank of New Zealand kept interest rates and its present monetary policy stance unchanged having failed to provide a boost for the domestic currency.
Next week economic calendar for NZD/USD currency pair will be light. The main focus will likely be on the US political news, mainly on Trump’s fiscal and trade policies. The background will be created by the US dataset (CB consumer confidence, final GDP, unemployment claims) and Fed speakers. On Friday, pay closer attention to the business confidence report coming out of New Zealand at 2:00 am (MT time).
The technical outlook for NZD/USD currency pair is bearish. Kiwi rollbacked from the key resistance line at 0.7090 towards 0.7005. A break of the support at 0.6990 might send prices towards 0.6920 (50% Fibo level traced from last-year low). On the upside, the immediate resistance can be found at 0.7050, 0.7140.
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The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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