NZDUSD on Friday rose 0.2% to 0.62540. Week ending 2023-04-07 moved lower by -0.05%. What happened.
|Week ending 2023-04-07|
|Week 2023-04-07||-0.05%||-3 Pips|
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) | Mar
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) | Mar
Wed 07:00 PM USD FOMC Meeting Minutes
Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 01:30 PM USD Retail Trade Control Group | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash
Sat 01:00 AM USD IMF Meeting
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment | Mar in March below forecast and dropped to 236K compared to previous figure 326, revised from 311K in February. Source: Bureau of Labor Statistics
🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Source: Department of Labor
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. Source:
📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. Source:
📆 ☢️ 🇳🇿 NZD RBNZ Interest Rate Decision (Official Cash Rate) increased to 5.25% compared to previous rate 4.75%. Source: Reserve Bank of New Zealand
📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. Source: Census Bureau
📆 🇳🇿 NZD NZIER Business Confidence (3-mth) | Q1 in Q1 improved to -66% compared to previous figure -70% in Q4. Source: NZIER
📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. Source:
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 0.2% to 0.62540. Price is neutral near 9-Day EMA while Stochastic is rising. For the week ending 2023-04-07, the pair dropped -0.05% or -3 pips lower.
Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.62060.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.63805 or at least consolidates above Weekly Pivot level of 0.62802. On the downside, we are looking at week low 0.62060 or 0.61798 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.62060 would indicate selling pressure.
For the month of April, NZDUSD is down by -0.05% or -3 pips lower.
Weekly key levels to watch out:
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NFP rose by 236,000 in March, and the unemployment rate changed little at 3.5% Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, February 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Official Cash Rate increased to 5.25 percent Source: RBNZ
February job openings and layoffs and discharges decrease; quits edge up Source: Bureau of Labor Statistics Publications
Construction Spending Source: Census Bureau
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