Investing.com – Last week saw New Zealand’s dollar edge higher against its U.S. counterpart, rebounding from a 2-week low as Ireland's debt woes subsided but gains were capped after China introduced fresh measures to combat inflation.
NZD/USD hit 0.7630 on Wednesday, the pair’s lowest since October 29; the pair subsequently consolidated at 0.7780 by close of trade on Friday, gaining 0.15% over the week.
The pair is likely to find support at 0.7630, last Tuesday’s low and resistance at 0.7911, the high of November 9.
New Zealand’s dollar rebounded from Wednesday’s low amid speculation that Ireland would accept a bailout from the European Union.
But the kiwi closed flat against the U.S. dollar on Friday, snapping two days of gains, after the People’s Bank of China announced that it was raising the reserve requirement ratio for banks for the fifth time this year, effectively draining cash from the financial system to order to curb inflation.
The move followed Wednesday’s announcement by Chinese Premier Wen Jiabao that the government was drafting measures aimed at curbing food and commodity prices after consumer prices surged to a 25-month high in October. China is New Zealand’s second- largest export market.
Next week, the U.S. is due to release a slew of data in a week cut short by the Thanksgiving holiday on Thursday, including revised figures on gross domestic product for the third quarter, durable goods orders, and personal income. The country is also to release its weekly report on jobless claims, while the Fed is to release the minutes of its most recent monetary policy meeting.
Meanwhile, New Zealand is to publish official data on visitor arrivals and inflation expectations.
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 Friday as there are no relevant events on this day.
Monday, November 21
New Zealand is to begin the week by publishing official data on visitor arrivals as tourism plays an important role in the economy, with about 10% of the population employed in the tourism industry.
Tuesday, November 23
The U.S. is to publish revised figures on third quarter GDP, the leading indicator of economic growth. The country is also to publish industry data on existing home sales while the Federal Reserve Bank of Richmond is to publish its manufacturing index. Later in the day, the Fed is to publish the minutes of its November monetary policy meeting, providing an in-depth insight into economic and financial conditions in the U.S.
Also Tuesday, the Reserve Bank of New Zealand is to publish quarterly data on inflation expectations.
Wednesday, November 24
The U.S. is to release a slew of data ahead of the holidays, with official data on initial jobless claims, a leading indicator of economic health as well as government data on personal spending, durable goods orders and new home sales. The country is also to publish revised data on consumer sentiment and inflation expectations as well as reports on crude oil and natural gas inventories.
Thursday, November 25
Markets in the U.S. will remain closed in observance of Thanksgiving Day.
NZD/USD hit 0.7630 on Wednesday, the pair’s lowest since October 29; the pair subsequently consolidated at 0.7780 by close of trade on Friday, gaining 0.15% over the week.
The pair is likely to find support at 0.7630, last Tuesday’s low and resistance at 0.7911, the high of November 9.
New Zealand’s dollar rebounded from Wednesday’s low amid speculation that Ireland would accept a bailout from the European Union.
But the kiwi closed flat against the U.S. dollar on Friday, snapping two days of gains, after the People’s Bank of China announced that it was raising the reserve requirement ratio for banks for the fifth time this year, effectively draining cash from the financial system to order to curb inflation.
The move followed Wednesday’s announcement by Chinese Premier Wen Jiabao that the government was drafting measures aimed at curbing food and commodity prices after consumer prices surged to a 25-month high in October. China is New Zealand’s second- largest export market.
Next week, the U.S. is due to release a slew of data in a week cut short by the Thanksgiving holiday on Thursday, including revised figures on gross domestic product for the third quarter, durable goods orders, and personal income. The country is also to release its weekly report on jobless claims, while the Fed is to release the minutes of its most recent monetary policy meeting.
Meanwhile, New Zealand is to publish official data on visitor arrivals and inflation expectations.
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 Friday as there are no relevant events on this day.
Monday, November 21
New Zealand is to begin the week by publishing official data on visitor arrivals as tourism plays an important role in the economy, with about 10% of the population employed in the tourism industry.
Tuesday, November 23
The U.S. is to publish revised figures on third quarter GDP, the leading indicator of economic growth. The country is also to publish industry data on existing home sales while the Federal Reserve Bank of Richmond is to publish its manufacturing index. Later in the day, the Fed is to publish the minutes of its November monetary policy meeting, providing an in-depth insight into economic and financial conditions in the U.S.
Also Tuesday, the Reserve Bank of New Zealand is to publish quarterly data on inflation expectations.
Wednesday, November 24
The U.S. is to release a slew of data ahead of the holidays, with official data on initial jobless claims, a leading indicator of economic health as well as government data on personal spending, durable goods orders and new home sales. The country is also to publish revised data on consumer sentiment and inflation expectations as well as reports on crude oil and natural gas inventories.
Thursday, November 25
Markets in the U.S. will remain closed in observance of Thanksgiving Day.