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4 Jul 2013
Flash: Negative outlook on NZD/USD – Westpac
FXstreet.com (New York) - According to Sean Callow, a Global FX Strategist at Westpac, “Next week’s calendar warms up but remains devoid of major market-movers.”
On Tuesday there’s NZIER business confidence, electronic spending and QV house prices. On Thursday there’s PMI and food prices – offshore NZGB holdings are on Friday.
“We remain negative towards NZD/USD. It has been stuck in consolidation mode since 24 June but should eventually break below 0.7685 to signal a resumption of the three-month downtrend. Medium term downside targets are 0.7460 and then 0.7200. The main influences at present are Fed tapering expectations and a weakening NZ data pulse.” Callow adds.
On Tuesday there’s NZIER business confidence, electronic spending and QV house prices. On Thursday there’s PMI and food prices – offshore NZGB holdings are on Friday.
“We remain negative towards NZD/USD. It has been stuck in consolidation mode since 24 June but should eventually break below 0.7685 to signal a resumption of the three-month downtrend. Medium term downside targets are 0.7460 and then 0.7200. The main influences at present are Fed tapering expectations and a weakening NZ data pulse.” Callow adds.