NZD/USD Fundamental Forecast – September 9, 2016

The NZD/USD added 9 points and remains near the very top of its trading range and the greenback continues to ease. The kiwi was supported by strong imports and exports in China and a better than expected Australia trade balance. The kiwi continues to march higher and not yet technically overbought and could easily move above 0.7500 is on the cards. The sharp rebound in dairy prices over the past six weeks is surely a factor, in addition to the faltering US dollar and strong global capital flows.

The NZD holds on to gains and extends its week-long winning streak on Thursday, with a slightly upbeat Chinese trade report added to the bullish sentiment around the NZD. New Zealand is highly dependent on China for its exports.

China reported a trade balance surplus of $52.05 billion, narrower than the $58.00 billion seen for August with exports down 2.8%, less than the 4.0% decline seen year-on-year and imports up 1.5%, beating an expected 4.9% drop and making the first gain in 22 months as global commodity prices show signs of a rebound.

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Upcoming Economic Events that you should be monitoring:

 September 9, 2016

Government Bond Auctions

Date Time Country Auction

Sep 08 11:00 Ireland Holds bond auction

Sep 08 17:20 Italy Announces details of bond auction