Stimulus from authorities and overall dollar weakness propelled the Kiwi to positive territory last week. Can the bulls maintain their momentum with this week’s catalysts?
Here’s a list of events that might move the comdoll:
ANZ business confidence (Mar 31, 12:00 am GMT)
- Business confidence fell by 6 points in February while conditions dipped by 5 points as participants worried about the impact of COVID-19
- NZD dipped to new intraweek lows before London session risk-taking pushed it higher
- Analysts see the index dropping by another 4 points to -24.1 in March
Market sentiment
- Reactions to China’s manufacturing and services PMIs (Mar 31, 1:00 am GMT) can spill over to NZD’s price action
- Global stimulus efforts and sentiments over the impact of economic shutdowns all over the world might affect demand for high-yielding comdolls this week
- Closely watched reports like PMIs from Australia, the U.S., and the European region might also cause intraday blips or two for NZD
- Demand for USD and speculations over Uncle Sam’s NFP release can affect dictate NZD/USD’s intraweek trends
Technical snapshot
- NZD has gained against its fellow comdolls (AUD and CAD) in the past month
- NZD has lost the most pips against its European counterparts (EUR and CHF)
- NZD is still mostly bearish against most of its counterparts in the long term but is seeing green shoots against USD, CAD, AUD, and JPY with shorter-term SMAs
Missed last week’s price action? Read NZD’s price recap for March 23 – 27!
