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NZD
Fundamental Analysis
(30th Apr): Sluggish prints of China’s PMI this morning dragged the kiwi pair from nearby resistance. ANZ business confidence index at -37.5 vs -38 prior suggests “the economy is experiencing something of a soft patch”. The next big test will be NZD’s first quarter job data due this week. Employment growth is expected to quicken to 0.5%, from 0.1% in previous 3 months, while private wages are also predicted to increase 0.5%. The labor data has taken on added significance since the government passed reforms last year giving the RBNZ a dual mandate to include employment in addition to price stability in determining its monetary policy. Any disappointment in this week’s job numbers may see the local dollar take another leg down. Risk aversion derived from China’s disappointing PMI can cause added pressure on this currency as it leads up to its employment data release.
(29th Apr): The New Zealand Dollar was dragged lower by the severe sell-off in the Australian Dollar. The price action in the New Zealand Dollar will be primarily driven by the Employment Change and Unemployment Rate report on Wednesday. It is likely that those numbers can fail to strengthen up NZD due to the subdued growth in the New Zealand economy and business activities.
Technical Analysis
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AUD
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Fundamental Analysis
(30th Apr): The AUD weakened during Asian session today as the Chinese manufacturing activity dropped, disappointing the markets. China’s manufacturing gauge missed the median estimate coming in at 50.1 vs 50.7 and their Caixin PMI coming in at 50.2 vs 51.0. A below-forecast PMI contradicts the view put forward by the steady first quarter annualized GDP figure of 6.4% that the economy may be bottoming out. AUD may extend… [/blur][/vc_column_text][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column][vc_empty_space height=”35px”][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner width=”1/5″][/vc_column_inner][vc_column_inner width=”3/5″][vc_separator type=”normal” color=”#b70909″ border_style=””][/vc_column_inner][vc_column_inner width=”1/5″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”35px”][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column width=”1/5″][/vc_column][vc_column width=”3/5″][kswr_heading head_align=”center” head_subtitle_color=”#333333″ head_title=”ACCESS RESTRICTED” head_title_fsize=”font-size:23px;line-height:2;” head_title_fstyle=”font-family:Inherit;font-weight:700;” head_subtitle_fsize=”font-size:17px;line-height:1.5;” head_subtitle_fstyle=”font-family:Inherit;font-weight:inherit;” head_title_margins=”margin-top:0px;margin-bottom:0px;” head_subtitle_margins=”margin-top:0px;margin-bottom:0px;”]Our comprehensive daily reports covers both technical and fundamental analysis, and are customised to your requirements.
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