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Positive risk sentiment put the Kiwi on top of the forex heap last week.
Can Kiwi bulls extend their rallies this week?
Here are potential catalysts you need to be aware of!
Quarterly manufacturing sales (June 9, 10:45 pm GMT)
- Meat and dairy sales boosted manufacturing sales from 1.2% to 2.4% in Q4 2019
- NZD popped higher before risk aversion dragged it lower
- Watch out for COVID-related impact in this week’s numbers
Business confidence reports
- ANZ business confidence (June 9, 1:00 am GMT) last improved from -45.6 to -41.8 in April
- Business NZ manufacturing index (June 11, 10:30 pm GMT) rose from 38.0 to 26.1 in April
Market risk sentiment
- Not a lot of top-tier reports on tap this week, which could turn markets’ focus on risk sentiment
- Risk appetite could continue to push comdolls higher as more economies reopen
- U.S.-China trade tensions can weigh on NZD if rhetoric flames up again this week
Technical snapshot
- RSI is flagging NZD’s “overbought” conditions against the safe havens as well as CAD and GBP on the daily time frame
- NZD is on uptrends against almost all of its counterparts except in AUD/NZD, which could soon see retracements or a reversal
- NZD has seen the most volatility against the safe havens in the last seven days
Missed last week’s price action? Read NZD’s price recap for June 1 – 5!