NZD

Reserve Bank of New Zealand meet Wednesday - on hold expected - preview

NZDUSD - like the AUDUSD - trades to a new low for the year but bounces.

• What is needed to give buyers more control?

Reserve Bank of New Zealand 'shadow board' monetary policy preview - suggests on hold

• There is a 'but' though, some thought a +25bp rate hike would be appropriate due to sticky inflation.

New Zealand Services PMI for July plunges into contraction to 47.8 (prior 50.1)

New Zealand food price index for July -0.5% versus 1.6% last month

• New Zealand Food Price Index for July 2023

New Zealand manufacturing PMI for July 46.3 versus 47.5 last month

• New Zealand manufacturing PMI for July 2023

Economists forecast a steady 5.50% OCR for the RBNZ's upcoming meeting

• New Zealand's economy is on a stable path

New Zealand inflation expectation for 1 year 4.17% versus 4.28% % last quarter

• New Zealand inflation expectation for Q3

New Zealand electronic retail sales MoM for July 0.0% vs 1.0% last month

• New Zealand electronic card retail sales for July 2023

NZDUSD Technical Analysis - The sellers are eyeing new lows

• The NZDUSD bias remains bearish as the sellers are targeting new lows.

New Zealand data - ANZ World Commodity Price Index fell 2.6% m/m in July (prior -1.7%)

• Global shipping price movements were mixed in July.

NZDUSD Technical Analysis - Bears are waiting at these levels to sell the rally

• The NZDUSD remains a “sell on rallies” pair as the US data remains strong.

New Zealand unemployment rate 3.6% (vs. expected 3.5%)

New Zealand June Building Permits +3.5% m/m (prior -2.2%)

NZDUSD returns to a cluster of MAs including the 100 hour MA, 200 hour MA and 200 day MA

• The three MAs will be the key barometer for the new trading day