The New Zealand dollar spent most of the week giving traders choppy price action, but ultimately fell into negative territory on counter currency catalysts.
New Zealand Headlines and Economic data
Monday:
- In the June 2019 quarter, the volume of total manufacturing sales fell 2.7%; the value of total manufacturing sales fell 0.7%
Tuesday:
- New Zealand retail card spending bounces back
Overlay of NZD Pairs: 1-Hour Forex Chart
Wednesday:
- New Zealand annual net migration gain ending in July of 52.7K
Thursday:
- New Zealand food prices rose 0.7% in August, 0.4% (SA)
Friday:
- New Zealand manufacturing index 48.4 vs. 48.1 previous – without any other catalysts from New Zealand and broad global risk sentiment leaning positive all week, it’s debatable that the pressure on the Kiwi dollar during the Friday session may have stemmed from a combination of continued contractionary conditions in the NZ manufacturing sector and counter currency flows as most of the rest of the majors found strength this week from local catalysts (e.g., euro relief rally after the ECB meeting on Thursday, British pound support on the potential that Boris Johnson is edging closer towards agreeing to a new Brexit deal, and Aussie & USD strength on positive U.S.-China trade developments.
