Everest Fortune Group | Daily Analysis: 28 May 2019
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Daily Analysis: 28 May 2019

Daily Analysis: 28 May 2019

NZD

 

Fundamental Analysis

(28th May):  The gauge of global-currency volatility fell as investors await further developments on the trade-war front. “The absence of major headlines on the trade war has been providing investors with a sense of ease, weighing on currency volatility such as that of dollar-yen”. Markets may gain further clarity on the global growth outlook when the US releases first quarter GDP data on Thursday and China announces manufacturing figures Friday. Also, New Zealand Financial Stability Report and Business confidence data will be released tomorrow, any signs of further weakening along with trade tension could place pressure on the NZD.

 

 

(27th May): AUD found support late Thursday after softer than anticipated US manufacturing data sparked concerns that the US-China trade war is actively slowing growth prospects within the world’s largest economy. Reports showed manufacturing activity hit near decade lows in May, a read compounded by a slow down in orders for capital goods on Friday. Strong Australian commodity prices are also providing some support for the Aussie. However upside could be limited as China’s manufacturing PMI is likely to deliver more negative news on China’s economy this Friday. This makes a good time to find an entry to short the AUD.

 

 

Technical Analysis

USD

Fundamental Analysis

(27th May): AUD found support late Thursday after softer than anticipated US manufacturing data sparked concerns that the US-China trade war is actively slowing growth prospects within the world’s largest economy. Reports showed manufacturing activity hit near decade lows in May, a read compounded by a slow down in orders for capital goods on Friday. Strong Australian commodity prices are also providing some support for the Aussie. However upside could be limited as China’s manufacturing PMI is likely to deliver more negative news on China’s economy this Friday. This makes a good time to find an entry to short the AUD. … 

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