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New Zealand Dollar Slumps on Swelling RBNZ Rate Cut Bets

New Zealand Dollar Slumps on Swelling RBNZ Rate Cut Bets

Ilya Spivak,

Talking Points:

The New Zealand Dollar underperformed in overnight trade. The currency fell alongside front-end borrowing costs, hinting that firming RBNZ rate cut expectations may have been behind the move. A sharp drop in the Bank of New Zealand’s Performance of Services index may have helped spark the selloff. The report showed the pace of activity growth in the non-manufacturing sector plunged to the weakest since November 2014. The British Pound mounted what appeared to be a corrective recovery having lost ground against all of its major counterparts last week.

Looking ahead, a quiet economic calendar is likely to make for a quiet, consolidative start to the trading week. S&P 500 futures are pointing cautiously higher, hinting at a risk-on mood that may translate into near-term weakness for the anti-risk US Dollar and Japanese Yen. Lasting follow-through seems unlikely however. A wealth of high-profile event risk is due to cross the wires in the days ahead and traders are unlikely to commit to a firm directional bias in the interim.

Asia Session

22:30NZDPerformance Services Index (JUL)54.2-56.4
23:01GBPRightmove House Prices (MoM) (AUG)-1.2%--0.9%
23:01GBPRightmove House Prices (YoY) (AUG)4.1%-4.5%
23:50JPYGDP SA (QoQ) (2Q P)0.0%0.2%0.5%
23:50JPYGDP Annualized SA (QoQ) (2Q P)0.2%0.7%2.0%
23:50JPYGDP Nominal SA (QoQ) (2Q P)0.2%0.2%0.8%
23:50JPYGDP Deflator (YoY) (2Q P)0.8%0.7%0.9%
23:50JPYGDP Private Consumption (QoQ) (2Q P)0.2%0.2%0.7%
23:50JPYGDP Business Spending (QoQ) (2Q P)-0.4%0.2%-0.7%
04:30JPYIndustrial Production (MoM) (JUN F) 2.3%-1.9%
04:30JPYIndustrial Production (YoY) (JUN F) 1.5%--1.9%
04:30JPYCapacity Utilization (MoM) (JUN)-1.5%--2.4%

European Session

07:15CHFProducer & Import Prices (MoM) (JUL)-0.2%0.1%Low
07:15CHFProducer & Import Prices (YoY) (JUL)-0.9%-1.0%Low
08:00CHFTotal Sight Deposits (AUG 12)-511.4bLow
08:00CHFDomestic Sight Deposits (AUG 12)-437.3bLow

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.