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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

Technical snapshot

  • 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!