NZ Dollar Rises Ahead Of RBNZ Wheeler Speech, FOMC Meeting
28 Juli 2015 - 7:11AM
RTTF2
The New Zealand dollar strengthened against the other major
currencies in the Asian session on Tuesday, as traders await the
speech by Reserve Bank governor Graeme Wheeler and the U.S.
monetary policy announcement, both due on Wednesday.
Wheeler is expected to speak on the outlook for New Zealand's
economy. The market expect the speech to provide guidance, as the
currency gained despite last week's rate cut.
Traders also await the two-day U.S. Federal Reserve meeting that
begins later in the day. Analysts do not expect the Fed to raise
interest rates before September but traders will be scrutinizing
the statement for any hints about the timing of the first rate
hike.
Monday, the NZ dollar showed mixed trading against its major
rivals. While the kiwi rose against the U.S. and the Australian
dollars, it fell against the yen and the euro.
In the Asian trading now, the NZ dollar rose to more than a
1-1/2-month high of 1.0949 against the Australian dollar, from
yesterday's closing value of 1.1004. If the kiwi extends its
uptrend, it is likely to find resistance around the 1.07 area.
Against the U.S. dollar and the yen, the kiwi advanced to a
5-day highs of 0.6648 and 82.09 from yesterday's closing quotes of
0.6603 and 81.38, respectively. The kiwi may test support near 0.67
against the greenback and 83.00 against the yen.
The kiwi edged up to 1.6658 against the euro, from yesterday's
closing value of 1.6775. On the downside, 1.63 is seen as the next
support level for the kiwi.
Looking ahead, the first estimate of the U.K. GDP for the second
quarter and the U.K. index of services for May is due to be
released at 4:30 am ET.
In the New York session, Canada industrial product and raw
materials price indices for June and U.S. S&P/Case-Shiller home
price index for May, Markit's preliminary U.S. service sector PMI
report for July and U.S. consumer confidence for July are slated
for release.
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