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New Zealand wont’ be printing top-tier reports this week, which means volatility will likely come from countercurrency price action.
Overall market sentiment
- Traders will continue to pay attention to COVID-19 cases around the world for signs of peaking and maybe a bottom for some markets
- Closely watched releases like the U.S. initial jobless claims report and BOC’s policy announcement will likely influence appetite for high-yielding currencies like NZD
- Reports from New Zealand’s trading neighbors like Australia’s labor market numbers and China’s GDP report can also affect demand for export-related Kiwi
- Watch out for continuation of dollar weakness, which could influence NZD/USD and drive Kiwi’s intraweek trends
Technical snapshot
- Stochastic believes NZD is “oversold” against AUD
- NZD might be “oversold” against EUR, CAD, CHF, JPY, and USD on the daily time frame
- NZD is still generally bearish against its major counterparts
- NZD may soon see a bearish trend against AUD
- NZD could turn bullish against CAD on the daily time frame