Instrument: NZDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.59567 with take profit at 0.59638
Bearish Preference:
Sell position is envisaged if price trades below 0.59494 with take profit at 0.59429
Fundamentals:
2:45pm
USD
Flash Services PMI
Flash Manufacturing PMI
Comment:
The last FOMC meeting which was released suggested that there will be a pause in the interest rate till next year though the tone was hawkish in nature and this has strengthened the dollar
The decision to hike interest rate was reconsidered due to softer than anticipated UK inflation data for August. The Pound Sterling (GBP), remains vulnerable near five-month lows of 1.2304, while the US Dollar (USD) has reached a fresh six-month high.
New Zealand current account deficit narrows in Q2. The size of the country’s external imbalances remain the key credit risk for New Zealand, according to ratings agency S&P Global in a note earlier this month.
Analysis: SCRUM Team