Investing.com - The New Zealand dollar came off the lowest level since September against its U.S. counterpart on Friday, but gains remained limited amid ongoing expectations the Federal Reserve will begin unwinding its stimulus program by the end of the year.
NZD/USD clawed back from 0.8085 on Friday, the pair’s lowest since September 11, to subsequently consolidate at 0.8134 by close of trade, up 0.19% for the day but still 0.63% lower for the week.
The pair is likely to find support at 0.8085, Friday’s low and resistance at 0.8176 the high from November 28.
Demand for the greenback remained underpinned after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Meanwhile, in New Zealand, data released Thursday showed that the ANZ business confidence index rose to a nearly 15-year high of 60.5 this month, from 53.2 in October.
On Wednesday, official data showed that New Zealand's trade deficit narrowed to NZD168 million in October from NZD216 million in September. Analysts had expected the trade deficit to expand to NZD345 million last month.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Monday, December 2
China is to release the final reading of its closely watched HSBC manufacturing PMI. The Asian nation is New Zealand’s second-largest trade partner.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days.
The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales as well as data on the trade balance, the difference in value between imports and exports.
Thursday, December 5
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
NZD/USD clawed back from 0.8085 on Friday, the pair’s lowest since September 11, to subsequently consolidate at 0.8134 by close of trade, up 0.19% for the day but still 0.63% lower for the week.
The pair is likely to find support at 0.8085, Friday’s low and resistance at 0.8176 the high from November 28.
Demand for the greenback remained underpinned after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Meanwhile, in New Zealand, data released Thursday showed that the ANZ business confidence index rose to a nearly 15-year high of 60.5 this month, from 53.2 in October.
On Wednesday, official data showed that New Zealand's trade deficit narrowed to NZD168 million in October from NZD216 million in September. Analysts had expected the trade deficit to expand to NZD345 million last month.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Monday, December 2
China is to release the final reading of its closely watched HSBC manufacturing PMI. The Asian nation is New Zealand’s second-largest trade partner.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days.
The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales as well as data on the trade balance, the difference in value between imports and exports.
Thursday, December 5
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.