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GBP/USD – Pound Steady on Mixed GDP Releases, New Zealand Dollar Jumps

The British pound continues to trade slightly below the key 1.30 level. The star performer on Tuesday is the New Zealand dollar, which has jumped over one percent following a hawkish rate statement from the New Zealand central bank.
Kenny Fisher
GBP/USD Price Forecast - British Pound Rallies After Bank Sits Still

GBP/USD has posted slight gains in the Wednesday session. The pair is currently trading at 1.2976, up 0.19% on the day.

Pound Shrugs Off Lukewarm GDP Data

There were some highly anticipated releases on Tuesday, but the lukewarm readings left investors shrugging their shoulders, as the pound showed little reaction. Preliminary GDP came in at a flat zero in the fourth quarter, matching the estimate. There was better news from the monthly GDP report, which showed a gain of 0.3% in December, edging above the estimate of 0.2%. This marked the indicator’s first gain since July.

On the manufacturing front, Manufacturing Production improved in December, with a gain of 0.3%. In November, the indicator declined by 1.7%. Still, this reading fell short of the estimate of 0.5%.

Technical Analysis

There is resistance at the key level of 1.300, with the 50-day EMA line following closely at 1.3010. On the downside, there is support at 1.2902. Lower, there is support at 1.2850. Below, The 200-day EMA is situated at 1.2828.

 

 

Pacific Currencies – Daily Summary

USD/CNY

USD/CNY has steadied after losing ground for the past two days. Currently, the pair is trading at 6.9969, up 0.08% on the day.  Investors are waiting for the release of New Loans sometime during the week. The indicator is expected to improve sharply to 3100 billion yuan in January.

AUD/USD

AUD/USD has moved higher for a third straight day. Currently, the pair is trading at 0.6741, up 0.41% on the day.  In economic news, Westpac Consumer Sentiment bounced back with a gain of 2.3% in February, after two straight declines. This strong reading followed the NAB Business Confidence remained in negative territory, as it ticked higher to -1, up from -2 points. This points to pessimism on the part of the business sector.

NZD/USD

NZD/USD has posted strong gains on Wednesday. Currently, the pair is trading at 0.6469, up 1.04% on the day. The New Zealand central bank maintained the benchmark interest rate at 1.00%, but the bank’s rate statement was more hawkish than expected, which boosted the New Zealand dollar.

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