- NZD/USD eyes the 0.70 handle on dollar weakness.
- US tax bill details released and dollar/ rate lower.
- NZD/USD awaits key Aussie and Chinese data.
- Powell selected by Trump as new Fed Chair
U.S. House tax chief: Tax bill will be revised to bring deficit to within $1.5 tln ceiling
NZD/USD ranged between 0.6890 and 0.6935 overnight and drifted back just below the 0.6920 level for early Asia where there is a vacuum of scheduled domestic releases for the NZ, but instead, eyes will be on Aussie retail sales and Caixin services PMI.
What does Powell mean for markets? - ING
Currently, NZD/USD is trading at 0.6912, down -0.01% on the day, having posted a daily high at 0.6916 and low at 0.6910. NZD/USD was lifted overnight on the back of a volatile but better-offered greenback that supported further recoveries in the commodity bloc. Copper was holding and oil was holding close to YTD highs.
Forex today: dollar volatile on tax bill announcements, BoE sent cable off a cliff
Analysts at Westpac's outlook:
NZD/USD 1 day: Rising towards 0.7000 if the US dollar continues to stall
NZD/USD 1-3 month: If the RBNZ remains firmly on hold, as we expect, and the US dollar rises on a delivery of a Fed interest rate rise in December, then NZD/USD should fall to 0.67 by year-end.
NZD/USD levels
Supported by the 200 hourly SMA, NZD/USD remains in a bullish position while trading above the 10-D SMA as well that aligns with the & 200-Month SMA and a handful of pips above 0.69 the figure. RSIs are also biased up.
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