New Zealand is in for a data light trading week. So which catalysts can move the Kiwi around? Here’s a list.
Lower-tier economic data
The only reports scheduled from New Zealand are the ANZ commodity price numbers on Wednesday at 12:00 am GMT and the November building consents report on Thursday at 9:45 pm GMT.
Remember that ANZ’s commodity report is coming from a pullback from a -2.4% reading to a 0.6% dip in November.
Meanwhile, building consents printed a 1.5% gain in October. While analysts haven’t published their forecasts, the report has surprised to the downside in three of the last five releases.
These lower-tier economic reports don’t usually affect the Kiwi’s prices for long, but it might cause a blip or two if news traders decide to pay closer attention to them this week.
U.S.-China trade talks
China’s Commerce Ministry shared on Friday that the U.S. and China are scheduled to hold vice-ministerial level talks on January 7 and 8 this week.Deputy US trade representative Jeffrey Gerrish will lead the American delegation and is expected to hold “proactive and constructive talks” to add more details to agreements reached between Trump and Xi Jinping in the G20 summit in Argentina last month.
While analysts don’t see significant progress happening in the meeting, they also welcome any progress made ahead of the 90-day trade truce deadline due in March.
As we saw last Friday, the Kiwi reacted strongly to Chinese data and any factors that might affect the demand from one of New Zealand’s top export markets. That means y’all gotta pay attention to any tidbits that might come from this meeting!