Investing.com – The week beginning October 11 follows one which saw the New Zealand dollar surge to a 1-year high against its U.S. counterpart, as fears that further monetary easing may be required to support the U.S. economy were underlined by weak U.S. jobs data.
NZD/USD hit 0.7590 on Thursday, the pair’s highest since October 23, 2009; the pair subsequently consolidated at 0.7558 by close of trade on Friday, jumping 1.53% over the week.
The pair is likely to find support at 0.7356, the low of October 5, and resistance at 0.7633, the high of October 21, 2009.
The New Zealand dollar surged to a 1-year high against its U.S. counterpart after data released Wednesday showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The greenback briefly pared losses on Thursday after official data showed that U.S. initial jobless claims rose more-than-expected in the week ending October 2.
But the greenback resumed its decline on Friday after official data showed that U.S. non-farm payrolls fell unexpectedly in September, down for the fourth consecutive month.
Next week, the U.S. is to publish its closely watched weekly report on initial jobless claims as well as key data on inflation, retail sales and consumer sentiment. In addition, Federal Reserve chairman Ben Bernanke is to speak at two public engagements, while the bank is to publish the minutes of the most recent meeting of its monetary policy committee.
Meanwhile, New Zealand is due to produce key data on retail sales and manufacturing activity.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect NZD/USD.
Monday, October 11
Markets in the U.S. will remain closed on Monday for the Columbus Day holiday.
Tuesday, October 12
The U.S. is to publish the minutes of the most recent meeting of the Federal Reserve’s Federal Open Market Committee. The minutes provide in-depth insights into the economic conditions that influenced their vote on where to set interest rates.
Meanwhile, New Zealand is due to release key data on food price inflation.
Wednesday, October 13
The U.S. is to release key data on import prices, while Fed chair Ben Bernanke is due to speak at a public engagement. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
Also Wednesday, New Zealand is due to release key data on retail sales and manufacturing activity.
Thursday, October 14
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of overall economic health. The country is also to publish a report on producer prices, a leading indicator of consumer inflation. Later in the day, the U.S. will publish official data on its trade balance, the difference in value between imported and exported goods during the month, as well reports on crude oil and natural gas stockpiles.
Friday, October 15
The U.S. is to round up the week by producing official data on retail sales, business inventories and its consumer price index, while the University of Michigan is to release preliminary data on consumer sentiment and inflation expectations. Also Friday, the Federal Reserve Bank of New York is due to release key data on the city’s manufacturing sector while Fed chair Ben Bernanke will be speaking at a public engagement.
NZD/USD hit 0.7590 on Thursday, the pair’s highest since October 23, 2009; the pair subsequently consolidated at 0.7558 by close of trade on Friday, jumping 1.53% over the week.
The pair is likely to find support at 0.7356, the low of October 5, and resistance at 0.7633, the high of October 21, 2009.
The New Zealand dollar surged to a 1-year high against its U.S. counterpart after data released Wednesday showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The greenback briefly pared losses on Thursday after official data showed that U.S. initial jobless claims rose more-than-expected in the week ending October 2.
But the greenback resumed its decline on Friday after official data showed that U.S. non-farm payrolls fell unexpectedly in September, down for the fourth consecutive month.
Next week, the U.S. is to publish its closely watched weekly report on initial jobless claims as well as key data on inflation, retail sales and consumer sentiment. In addition, Federal Reserve chairman Ben Bernanke is to speak at two public engagements, while the bank is to publish the minutes of the most recent meeting of its monetary policy committee.
Meanwhile, New Zealand is due to produce key data on retail sales and manufacturing activity.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect NZD/USD.
Monday, October 11
Markets in the U.S. will remain closed on Monday for the Columbus Day holiday.
Tuesday, October 12
The U.S. is to publish the minutes of the most recent meeting of the Federal Reserve’s Federal Open Market Committee. The minutes provide in-depth insights into the economic conditions that influenced their vote on where to set interest rates.
Meanwhile, New Zealand is due to release key data on food price inflation.
Wednesday, October 13
The U.S. is to release key data on import prices, while Fed chair Ben Bernanke is due to speak at a public engagement. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
Also Wednesday, New Zealand is due to release key data on retail sales and manufacturing activity.
Thursday, October 14
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of overall economic health. The country is also to publish a report on producer prices, a leading indicator of consumer inflation. Later in the day, the U.S. will publish official data on its trade balance, the difference in value between imported and exported goods during the month, as well reports on crude oil and natural gas stockpiles.
Friday, October 15
The U.S. is to round up the week by producing official data on retail sales, business inventories and its consumer price index, while the University of Michigan is to release preliminary data on consumer sentiment and inflation expectations. Also Friday, the Federal Reserve Bank of New York is due to release key data on the city’s manufacturing sector while Fed chair Ben Bernanke will be speaking at a public engagement.