NZD/USD FORECAST AND NEWS
NZD/USD sticks to modest gains after weaker Chinese PMI, remains below 50-day SMA
NZD/USD edges higher for the second straight day, albeit lacks follow-through buying. Markets react little to the disappointing release of China’s Caixin Services PMI for June. The focus remains on FOMC meeting minutes for cues about the Fed’s rate-cut path.
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EUR/USD consolidates gains below 1.0750, upside potential seems limited
The EUR/USD pair consolidates gains around 1.0745 during the early European session on Wednesday. Data released on Tuesday showed that the annual inflation rate in the Eurozone cooled down in June, in line with the market consensus.
GBP/USD flat lines below 1.2700, looks to US data/FOMC minutes for some impetus
GBP/USD lacks firm intraday direction on Wednesday amid mixed fundamental cues. August BoE rate cut bets cap the GBP ahead of the UK general elections on Thursday. Traders also seem reluctant and prefer to wait for the release of the FOMC minutes.
USD/JPY extends gains above 161.50 ahead of US data, Fed Minutes
USD/JPY trades on a stronger note above 161.50 after reaching a new high for this move near 161.75 during the early Asian trading hours on Wednesday. Market players remain focused on the possible Japanese FX intervention, which could cap the pair’s upside. US data and Fed Minutes awaited.
Gold eyes a range breakout, as Fed Minutes looms
Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.
WTI consolidates above mid-$82.00s, bullish potential seems intact
West Texas Intermediate US crude Oil prices lack any firm intraday direction on Wednesday and oscillate in a narrow band during the Asian session. The commodity currently trades around the $82.65-$82.70 region, nearly unchanged for the day and remains well within striking distance of its highest level since April 26 touched the previous day.
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Influential Institutions & People for the NZD/USD
The Reserve Bank of New Zealand (RBNZ)
The Reserve Bank of New Zealand is New Zealand's central bank. Like most central banks, the Reserve Bank is primarily a policy organisation, and exists to do three main things: formulate and implement monetary policy to maintain price stability, promote the maintenance of a sound and efficient financial system and meet the currency needs of the public.
The official website, on Twitter and YouTube
On the other
FED Official Website, on Twitter and Facebook
Adrian Orr
Governor of the Reserve Bank of New Zealand since March 2018. He is New Zealand born and bred, married to a novelist and they have 3 adult children. Adrian is a 1983 undergraduate of the University of Waikato (New Zealand) and a 1985 Masters graduate (with Distinction) from the University of Leicester (England). Following his Masters, Adrian remained in the United Kingdom for three years working as a Research Associate and tutor at the City University Business School, in London. Adrian returned to New Zealand in 1988 to take up the position of Research Economist at the New Zealand Institute of Economic Research before joining the Economics team at the National Bank of New Zealand the following year. In 1992 Adrian moved to France to work as an economist at the Organisation for Economic Cooperation and Development (OECD). After holding this role for three years, Adrian returned to New Zealand and worked for a short time as a Chief Analyst at The Treasury, before returning to the National Bank as Chief Economist. Adrian was appointed Chief Manager of the economics team at the Reserve Bank of New Zealand in 1997, providing core economic and policy advice to the Governor.
Jerome Powell
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028. Prior to his appointment to the Board, Mr. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, Mr. Powell was a partner at The Carlyle Group. Mr. Powell served as an Assistant Secretary and as Undersecretary of the Treasury under President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Prior to joining the Administration, he worked as a lawyer and investment banker in New York City. Mr. Powell was born in February 1953 in Washington, D.C.