FXstreet.com (Barcelona) - The New Zealand calendar highlight next week
is the RBNZ’s survey of inflation expectations (Tuesday). According to
Sean Callow, a Global FX Strategist at Westpac, “We expect a soft
outcome given the surprisingly low level of actual inflation during the
past few quarters.” - also out will be services PMI (Monday), migration
and credit card spending (Tuesday), and the trade balance (Friday).
“Despite
strong NZ fundamentals, most recently exemplified by the annual budget,
which saw public borrowing requirements fall, the currency remains
hostage to the whims of the US dollar which has surged recently.
Momentum in NZD/USD is negative, and the break below trend support since
July points towards 0.7800. Extreme long speculative positioning
remains the NZD’s strongest headwind.” Callow warns.
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