The Kiwi ended last week higher against the dollar but mixed against most of its other counterparts. Will we see more uniform price action this week?
Here are potential catalysts for Kiwi’s intraweek trends:
Visitor arrivals (June 13, 11:45 pm GMT)
New Zealand isn’t printing top-tier reports this week, so mid-tier reports like visitor arrivals tend to get the Kiwi bulls and bears’ attention.
Recall that the report reflected a 2.5% gain for the month of March, which was a big improvement after a 1.6% dip in February.
A stronger growth rate could intraday strength for the New Zealand dollar especially since there won’t be top-tier reports scheduled in the same trading session.
Countercurrency price action
We’ve seen from last week’s price action that Kiwi’s price action tends to take cues from Chinese-related reports and Greenback’s intraweek trends.
This week pay attention to China’s trade balance data, which is due anytime this trading session.
With the U.S. slapping heavier tariffs and banning Chinese-related businesses from transacting with U.S. companies, all eyes will be on how the moves are affecting (and could affect) trading activity for the world’s second-largest economy.
Uncle Sam will also print a bunch of popular reports including its CPI and retail sales releases. Don’t forget that traders are low key expecting the Fed to cut its rates after last week’s disappointing NFP release.
Watch out for weak inflation pressure and retail activity, which could put more pressure Fed members into easing its monetary policies!
Missed last week’s price action? Read NZD’s price recap for June 3 – 7!