Everest Fortune Group | The Daily Analysis: 18 June 2019
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The Daily Analysis: 18 June 2019

The Daily Analysis: 18 June 2019

NZD

Fundamental Analysis

(18 June): Having attempted a little successful comeback, NZD clings on despite three-quarter low New Zealand consumer survey results this morning. The kiwi tried taking advantage of sluggish manufacturing and housing data from the US on Monday, However, looming concerns over the US China trade war and comparative fundamental strength of the USD maintained downside pressure on the pair. The second quarter 2019 data from NZ’s Westpac consumer survey dropped to 103.5 vs 103.8, lowest since September 2018. However, traders showed little reaction to the sentiment data.

 

 

(17 June): The AUD dropped sharply last week as the economy created some 42.3 thousand jobs in May which was not enough to bolster the wobbly Aussie. Investors were unhappy with the unemployment rate, which remained at 5.2% vs 5.2%. Soft Chinese data also weighed on the currency. Chinese industrial output was unexpectedly soft, dropping to its lowest level since 2002.

Australian consumers were in a sour mood in June, according to Westpac Consumer Confidence indicator. Tomorrow, RBA monetary policy minutes will be released and it could provide details of the RBA meeting in June, when policymakers cut rates from 1.5% to 1.25%. This marked the first rate cut in almost three years, and a dovish tone to the minutes could send the Aussie lower.

 

Technical Analysis

USD

Fundamental Analysis

(18 June): Having attempted a little successful comeback, NZD clings on despite three-quarter low New Zealand consumer survey results this morning. The kiwi tried taking advantage of sluggish manufacturing and housing data from the US on Monday, However, looming concerns over the US China trade war and comparative fundamental strength of the USD maintained downside pressure on the pair. The second quarter 2019 data from NZ’s Westpac consumer survey dropped to 103.5 vs 103.8, lowest since September 2018. However, traders showed little reaction to the sentiment data.

 

 

(17 June): The AUD dropped sharply last week as the economy created some 42.3 thousand jobs in May which was not enough to bolster the wobbly Aussie. Investors were unhappy with the unemployment rate, which remained at 5.2% vs 5.2%. Soft Chinese data also weighed on the currency. Chinese industrial output was unexpectedly soft, dropping to its lowest level since 2002.

Australian consumers were in a sour mood in June, according to Westpac Consumer Confidence indicator. Tomorrow, RBA monetary policy minutes will be released and it could provide details of the RBA meeting in June, when policymakers cut rates from 1.5% to 1.25%. This marked the first rate cut in almost three years, and a dovish tone to the minutes could send the Aussie lower.

… 

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