by SignalFactory · October 23, 2019 | 06:19:50 UTC
New Zealand’s September month trade data flashing mixed signals on MoM and YoY
basis, NZD/USD stays on the back foot while taking rounds to 0.6400 during the
early Asian session on Wednesday.
per the communiqué from the Statistics New Zealand, September month Trade
Balance grew -5.21B versus $-5.49B expected YoY figure while MoM data suggests
a weaker print of $-1,242M versus $-1,112M forecast. Further, Imports stood
unchanged at upwardly revised $5.71B whereas Exports increased to $4.47B
against $4.08B (revised from $4.13B).
have been under pressure off-late as trade news from the United States (US) has
been downbeat. As per the White House Economic Adviser Larry Kudlow, unresolved
issues in phase one talks of the US-China trade deal will create problems in
the second round of negotiations. Also, the recent notice from the US
Department of Commerce concerning Aluminum wire and cables from China adds to
the doubts of a successful deal between the two global superpowers.
buyers were also taken aback by the US Dollar (USD) strength supported by the
upbeat manufacturing index and a mild risk-off.
no major data up for publishing, traders will continue taking clues from the
US-China trade front for fresh impulse.
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