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NZD: New Zealand Dollar remains at local highs
At the Forex currency market the New Zealand rate is traded upward on Friday, keeping positions close to the local highs.
Forex forecast: MACD indicator for the pair NZD/USD is going up in the positive area and is giving a buy signal. Stochastic Oscillator remains in the overbought zone and maintains a similar signal.
Forex recommendations: in case of breakdown at the level of 0.8250, the pair will go to 0.8260 and 0.8270. Conditions for correction have been created.
It became known today that trade balance in New Zealand amounted to +NZ$338 million in December against the value of -NZ$307 million in November. This statistics became an excellent support for the rate of the NZD.
At the meeting of the Reserve Bank of New Zealand, which ended yesterday, it was decided to leave interest rate at the minimal level of 2.5% per annum. According to follow-up comments of the regulator this decision is reasonable because world economic risks are still preserved despite internal stability in New Zealand. RBNZ emphasized that inflationary pressure is being steadily contained; however NZD growth negatively affects earnings of exporters.
In addition, economy of New Zealand demonstrates signs of weak recovery in the housing market and consumer spending.
Thus, Europe and its problems have a strong impact on Australian economy, as well as on other remote counties; forecasts are too difficult to make.
Consumer confidence index ANZ in New Zealand declined to 108.4 points in December against 109.0 points earlier. 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 investment 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 had almost stopped growing, however revived later. Most likely the index will be weaker in Q4.
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