Investing.com - Last week saw the New Zealand’s dollar tumble to a 1-month low against its U.S. counterpart, as risk appetite shrank amid fears over sovereign debt contagion in the euro zone and escalating tensions on the Korean peninsula.
NZD/USD hit 0.7477 on Friday, the pair’s lowest since October 28; the pair subsequently consolidated at 0.7495, plunging 3.82% over the week.
The pair is likely to find support at 0.7446, the low of October 28 and resistance at 0.7626, last Thursday’s high.
The kiwi’s losses came amid speculation that Portugal and Spain will be the next euro zone members to need fiscal aid. On Friday, European officials denied as "absolutely false" reports that Portugal was under pressure to seek a bailout while Spain also ruled out needing help to manage its finances.
Risk appetite was also dented after Tuesday’s artillery attack by North Korea on a South Korean island. On Friday, North Korea warned the U.S. that its plans for naval exercises with the South would drive the peninsula "closer to the brink of war."
Meanwhile, official data released last week painted a mixed picture of the U.S. economic recovery.
On Wednesday, Department of Labor data showed that the number of people who filed for unemployment assistance in the U.S. in the week ended November 20 fell to the lowest level since July 2008. Separate reports showed that U.S. consumer sentiment rose to a 5-month high in November, while U.S. personal spending rose for the fourth consecutive month in October.
But official data also showed that U.S. durable goods orders tumbled unexpectedly in October, while U.S. new home sales also fell unexpectedly in October.
Next week, the U.S. is to release data on ADP non-farm payrolls on Wednesday, ahead of the closely watched government data on non-farm employment on Friday. The government is also to publish its weekly report on initial jobless claims.
In addition, the U.S. is to release data on consumer confidence, pending home sales, manufacturing and service sector growth while the chairman of the Federal Reserve is to speak at a public engagement.
Meanwhile, New Zealand is to publish data on it trade balance, building consents, business confidence and commodity prices.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 29
New Zealand is to begin the week with official data on its trade balance, the difference in value between imported and exported goods over the month. The country is also to release data on business confidence, a leading indicator of economic health as well as a report on building consents.
Tuesday, November 30
The U.S. is to publish industry data on house prices, an important indicator of economic health as well as data on consumer confidence, a leading indicator of consumer spending. The country is also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke is to speak at a public engagement.
Wednesday, December 1
The U.S. is to publish a key monthly report on ADP non-farm employment change, which leads government data by two days. The country is also to publish revised data on nonfarm productivity, as well as official data on manufacturing activity, construction spending, total vehicle sales and crude oil inventories. In addition, the Federal Reserve is to publish its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
Also Wednesday, New Zealand is to publish data on commodity prices.
Thursday, December 2
The U.S. is to publish key weekly data on initial jobless claims, a leading indicator of overall economic health. The country will also release official data on pending home sales and natural gas storage.
Friday, December 3
The U.S. is to round up the week with key data on non-farm employment change and a report on the country's unemployment rate, both leading indicators of economic health. The country is also to publish industry data on service sector growth as well as official data on factory orders.
NZD/USD hit 0.7477 on Friday, the pair’s lowest since October 28; the pair subsequently consolidated at 0.7495, plunging 3.82% over the week.
The pair is likely to find support at 0.7446, the low of October 28 and resistance at 0.7626, last Thursday’s high.
The kiwi’s losses came amid speculation that Portugal and Spain will be the next euro zone members to need fiscal aid. On Friday, European officials denied as "absolutely false" reports that Portugal was under pressure to seek a bailout while Spain also ruled out needing help to manage its finances.
Risk appetite was also dented after Tuesday’s artillery attack by North Korea on a South Korean island. On Friday, North Korea warned the U.S. that its plans for naval exercises with the South would drive the peninsula "closer to the brink of war."
Meanwhile, official data released last week painted a mixed picture of the U.S. economic recovery.
On Wednesday, Department of Labor data showed that the number of people who filed for unemployment assistance in the U.S. in the week ended November 20 fell to the lowest level since July 2008. Separate reports showed that U.S. consumer sentiment rose to a 5-month high in November, while U.S. personal spending rose for the fourth consecutive month in October.
But official data also showed that U.S. durable goods orders tumbled unexpectedly in October, while U.S. new home sales also fell unexpectedly in October.
Next week, the U.S. is to release data on ADP non-farm payrolls on Wednesday, ahead of the closely watched government data on non-farm employment on Friday. The government is also to publish its weekly report on initial jobless claims.
In addition, the U.S. is to release data on consumer confidence, pending home sales, manufacturing and service sector growth while the chairman of the Federal Reserve is to speak at a public engagement.
Meanwhile, New Zealand is to publish data on it trade balance, building consents, business confidence and commodity prices.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 29
New Zealand is to begin the week with official data on its trade balance, the difference in value between imported and exported goods over the month. The country is also to release data on business confidence, a leading indicator of economic health as well as a report on building consents.
Tuesday, November 30
The U.S. is to publish industry data on house prices, an important indicator of economic health as well as data on consumer confidence, a leading indicator of consumer spending. The country is also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke is to speak at a public engagement.
Wednesday, December 1
The U.S. is to publish a key monthly report on ADP non-farm employment change, which leads government data by two days. The country is also to publish revised data on nonfarm productivity, as well as official data on manufacturing activity, construction spending, total vehicle sales and crude oil inventories. In addition, the Federal Reserve is to publish its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
Also Wednesday, New Zealand is to publish data on commodity prices.
Thursday, December 2
The U.S. is to publish key weekly data on initial jobless claims, a leading indicator of overall economic health. The country will also release official data on pending home sales and natural gas storage.
Friday, December 3
The U.S. is to round up the week with key data on non-farm employment change and a report on the country's unemployment rate, both leading indicators of economic health. The country is also to publish industry data on service sector growth as well as official data on factory orders.