NZD/USD Fundamental Forecast – September 14, 2016

The NZD/USD took its cues from the Aussie declining 12 points to 0.7341 as traders continued to worry about a US rate increase and remained confused ahead of the Bank of Japan decision. Chinese industrial production soared well above forecast as well as Fixed Asset Investment but did not seem to support the commodity driven currency.  China’s industrial output grew 6.3 per cent in August from a year ago, compared with 6.0 per cent expansion in July while retail sales for last month beat expectations.

Traders are turning attention to New Zealand data with the current account balance due on Wednesday, economic growth on Thursday and a consumer confidence survey on Friday. The NZD was also given support from a jump in food prices which could lift inflation a little, though much of the increase was from a spike in banana prices. New Zealand government bonds eased, sending yields 1.5 basis points higher at the long end of the curve.

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Upcoming Economic Events that you should be monitoring:

 September 14, 2016

Government Bond Auctions

Date Time Country Auction

Sep 13 11:00 Netherlands Eur 2-3bn 0% Jan 2022 DSL

Sep 13 11:10 Italy Holds bond auction

Sep 14 11:05 Norway Holds bond auction

Sep 14 11:30 UK 0.125% 2046 I/L Gilt

Sep 14 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund

Sep 15 10:30 Spain Holds bond auction

Sep 15 11:03 Sweden Holds I/L bond auction

Sep 15 11:50 France Holds bond auction