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Market Overview
NZDUSD: Kiwi Awaits Labor Market Data
The New Zealand dollar was trading near six week highs on
Tuesday and the NZDUSD pair was 0.25% stronger during the US session, hovering
near 0.6680.
Investors are eagerly waiting for tonight’s New Zealand
labor market data for the third quarter. The employment change is forecast to
stay at 0.5%, while the unemployment rate should also stay unchanged at 4.5%.
Moreover, the market expects the participation rate to remain at 70.9%.
However, wage growth is seen slowing slightly, from 2.1% to
1.9%, which could be Kiwi negative. Volatility is usually higher after these
numbers.
Additionally, the GDT price index (which measures change in
the average price of dairy products sold at auction) is due today and
might influence the New Zealand dollar as well.
The major resistance for the pair is now at previous lows
and highs near 0.6730 and it its broken, the kiwi could fly all the way to the 200-day
moving average at 0.69. Dips could be bought in the 0.6650 demand area and if
this zone cracks, further decline to 0.66 might occur.
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