New Zealand is printing its trade data this week! Can it provide retracement and opportunities for the Kiwi in the next couple of days?
Trade balance (Mar 24, 9:45 pm GMT)
- Stronger exports to China tightened New Zealand’s trade deficit in January
- New Zealand clocked in a 340M NZD trade deficit, down from 935M NZD from a year ago
- December’s surplus was revised lower from 547M to 384M
- The report helped NZD maintain its intraday gains
- Analysts expect a 550M surplus in February
Market risk sentiment
- COVID-19 updates, its impact on the global economy, and how policymakers are reacting will continue to affect NZD’s price action this week
- PMI reports from major economies like Australia, Japan, U.K., euro zone, and the U.S. may affect overall risk appetite
- BOE is set to announce its policies for March. Keep close tabs on any changes and forward guidance
- NZD was a net loser last week. It lost the most pips to USD, CAD, and CHF, and lost the least to AUD, GBP, and EUR
- RSI considers NZD as “oversold” against EUR, CHF, and USD on the daily time frame
Missed last week’s price action? Read NZD’s price recap for March 16 – 20!