NZD/USD Fundamental Analysis – November 23, 2015 – Forecast

By:

Published: Nov 20, 2015, 04:54 UTC

Analysis and Recommendation: The NZD/USD added 19 points to trade at 0.6585 as commodity currencies gained as traders moved back into the markets. The

NZD/USD Fundamental Analysis – November 23, 2015 – Forecast

Analysis and Recommendation:

The NZD/USD added 19 points to trade at 0.6585 as commodity currencies gained as traders moved back into the markets. The kiwi is heading for a 0.6 percent gain this week as the prospect of US interest rates grinding higher at a slower pace than expected took the sheen off a greenback that reached an eight-month high. The NZD against the greenback through the start of the week as the US dollar remained underpinned by growing bets the Federal Reserve will raise interest rates at next month’s policy review and as global dairy prices fell for a third time at Fonterra Cooperative Group’s fortnightly GlobalDairyTrade auctions.

However, it rallied yesterday after minutes to the Federal Open Market Committee’s October meeting didn’t offer compelling evidence the world’s biggest central bank will hike rates aggressively, disappointing some traders who wanted a harder line and prompting them to trim their bets on further appreciation in the US dollar.

The Reserve Bank of New Zealand will meet on Dec. 10, a week before the Fed’s meeting, and OMF’s Johnston said he expects governor Graeme Wheeler will cut rates next month to shore up the economy against extended weakness in dairy prices rather than wait until the next full monetary policy statement in March.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Today’s economic releases:

Cur.	Event		Actual	Forecast	Previous
JPY		BoJ Monthly Report

Upcoming Economic Events that you should be monitoring:

Monday, November 23, 2015

Cur.	Event	Actual	Forecast	Previous
	Japan – Labour Thanksgiving Day
EUR	German Manufacturing PMI (Nov)		52.1	52.1
EUR	German Services PMI (Nov)		54.3	54.5
EUR	Manufacturing PMI (Nov)		52.3	52.3
EUR	Markit Composite PMI (Nov)			53.9
EUR	Services PMI (Nov)		54.0	54.1
EUR	Eurogroup Meetings
USD	Manufacturing PMI (Nov)			54.1
USD	Existing Home Sales (Oct)		5.44M	5.55M
USD	Existing Home Sales (MoM) (Oct)			4.7%