by SignalFactory · September 9, 2019 | 04:15:02 UTC
Having been the top
G10 performer on Friday, NZD/USD awaits fresh clues to extend its latest
recovery as it takes the rounds to 0.6418 at the start of Monday’s Asian
In spite of no major
boost from New Zealand, the Kiwi pair managed to outperform its major
counterparts as expectations of the US-China trade negotiations in October,
coupled with a late-September US visit by Chinese deputies, joined downbeat
Nonfarm Payrolls data from the US.
While the current
week has fewer catalysts from New Zealand, Australia and New Zealand Banking
Group (ANZ) holds its bearish bias towards 0.25% Official Cash Rate (OCR) by
the end of 2020. They offer seven reasons supporting their expectations, such
as “near-term growth indicators are inconsistent with RBNZ projections,
inflation expectations are slipping, our Australian colleagues foresee similar
cuts by the RBA which will put pressure on NZ financial conditions, a softer
global growth environment, the labour market outlook, the RBNZ bank capital
proposals (the May cut is a placeholder until we know the details – not that we
can add many more cuts in when we do), and the deteriorating outlook for the
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