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Last News
NZD: Activity in New Zealand Dollar is insignificant
At the Forex currency market on Friday the New Zealand rate is traded with slight deviation at the beginning of the week before New Year, as most of the players are absent.
Forex forecast: MACD indicator for the pair NZD/USD is in the negative area and resumed sideways movement, not giving a clear signal. Stochastic Oscillator remains in the overbought zone and maintains a buy signal.
Forex recommendations: in case of breakdown at the level of 0.7750, the pair will go to ? 0.7760 and 0.7770. There is a high chance of rebound.
Situation in New Zealand is stable according to macro-statistics.
It became known last Friday that there was an earthquake of 5.8 points in Christchurch, New Zealand. Severe damages have not been reported yet.
Trade balance in New Zealand was at the level of –NZ$282 million in October against the level of NZ$784 million in September. The index remained in deficit last month although it was higher than forecasts of economists. Volumes of export increased by 5.3% (NZ$3.9 billion) on annual basis in October and imports rose by 8.9% y/y due to demand for industrial production. Consumer confidence index ANZ in New Zealand declined to 108.4 points in December against 109.0 points earlier.
It became known last week that business activity index in the service sector amounted to 56.6 points in November, as per BNZ estimates, against preliminary level of 51 points; thus the index has reached twenty-month highs now. The report also showed that new orders of companies and enterprises, as well as sales became a catalyst for activity. In addition, the rise in activity was recorded in the four major regions of the country for the first time this year.
It became known earlier that GDP in New Zealand increased by 0.8% q/q in Q3 (+1.9% y/y) against the forecast of +0.6% on quarterly basis. Significant support to the economy of New Zealand was provided by Rugby Championship which attracted a lot of investments into the country. GDP rose by 0.1% q/q (+1.5% y/y) in Q2 against the level of +0.9% q/q (+1.6% y/y) in Q1. Thus, New Zealand economy is actually in the state of stagnation. GDP almost stopped growing, however has revived later. Most likely the index will be weaker in Q4.
