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Tumultuous week for the NZD as it touches 1 month low

NZD - New Zealand Dollar

The Kiwi came under some pressure in the past week, hitting a 1 month low of 0.6494 to open at 0.6538 against the USD this morning. The main factors for this bearish movement can be owing to the increase in coronavirus cases in the country, and strong US PMI data resulting in increased demand in the USD.

The NZD is expected to see major movement this morning with the release of its retail sales data. Showing the change in total value of inflation-adjusted sales at a retail level, it shows the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

Key Movers

European Flash Services PMI data for France and Germany came back lower than expected on Friday afternoon, with figures of 51.9 for French data compared to its forecast of 56.3, and German data figures of 50.8 versus a forecast of 55.3.

In the upcoming week, we can expect to see some major movement in the USD with Federal Reserve Chair Jerome Powell’s speech on Thursday night at the Jackson Hole Economic Policy Symposium. As head of the central bank which controls short-term interest rates, his speech will be scrutinised as it is often used to drop subtle clues regarding future monetary policy.

Expected Ranges

NZD/AUD: 0.9045 - 0.9205 ▲

NZD/CAD: 0.8530 - 0.8710 ▼

NZD/EUR: 0.5475 - 0.5645 ▼

GBP/NZD: 1.9625 - 2.0385 ▲

NZD/USD: 0.6470 - 0.6650 ▼