News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • NZD/USD quickly pulls back from a fresh 2020 high (0.6968) as upbeat data prints coming out of the US economy spark a bullish reaction in the Greenback. Get your $NZDUSD market update from @DavidJSong here: https://t.co/zghuqNDKXP https://t.co/B5YZ0dWOtR
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.27% 🇨🇦CAD: 0.05% 🇳🇿NZD: -0.09% 🇨🇭CHF: -0.16% 🇦🇺AUD: -0.23% 🇯🇵JPY: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zBEnHG1OJ9
  • US 10-year Treasury yields aiming higher on positive vaccine developments after U-turning at Ascending Channel support A move back towards the November high (0.98) looks likely in the near term and could spell further downside for #gold prices $TNX $GLD #US10Y https://t.co/7TgKaDHLdB
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.43% Gold: -1.90% Silver: -2.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/m88Pl31QW4
  • Michigan certifies election results for Joe Biden - BBG
  • Mexican Peso is carving the weekly opening-range just above downtrend support and while the broader risk remains lower. Get your $USDMXN market update from @MBForex here:https://t.co/7KPza6gEmZ https://t.co/u1Fdz3dwEI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.33%, while traders in NZD/USD are at opposite extremes with 75.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yjvp0kn5Ab
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% France 40: 0.02% Wall Street: 0.01% US 500: 0.01% FTSE 100: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AWgEa62SzF
  • 🇰🇷 Consumer Confidence (NOV) Actual: 97.9 Previous: 91.6 https://www.dailyfx.com/economic-calendar#2020-11-23
  • Heads Up:🇰🇷 Consumer Confidence (NOV) due at 21:00 GMT (15min) Previous: 91.6 https://www.dailyfx.com/economic-calendar#2020-11-23
NZ Dollar Sentiment Bias Bearish After Gain on Current Account Data

NZ Dollar Sentiment Bias Bearish After Gain on Current Account Data

2017-09-20 00:54:00
Varun Jaitly,
Share:

Talking Points:

  • The New Zealand Dollar rose tepidly as the trade deficit narrowed in Q3
  • The current account gap posted at –NZ$0.618b vs. –NZ$0.900b expected
  • Deficit-to-GDP ratio improved to match the best reading in three years

New to the Forex market? Sign-up for our free beginner trading guides here and learn about topics ranging from news and economic event trading to Elliott Wave analysis.

The New Zealand Dollar rose tepidly following better than expected current account figures thatrevealed a smaller deficit than economists expected in the third quarter.

The shortfall registered at –NZ$0.618 billion, far smaller than the –NZ$0.9 billion expected by economists. The deficit-to-GDP ratio improved to -2.8% from -3.1% previously. That matched the reading from the fourth quarter of 2016, which at the time marked smallest negative contribution to overall growth from the external sector in three years.

Of the major components that contribute to the current account calculus, the balance New Zealand on trade in goods and services narrowed to NZ$1.81 billion from NZ$2.87 billion while the deficit on the income and transfers side of the equation was reduced to –NZ$2.43 billion from –$NZ2.65 billion.

NZ Dollar Sentiment Bias Bearish After Gain on Current Account Data

From here, the spotlight turns to New Zealand GDP numbers due at 22:45 GMT on Wednesday. The next RBNZ interest rate decision is scheduled for September 28 and will be the last policy meeting until November.

IG Client Sentiment data shows 54.3% of retail traders are net-long NZD/USD, with the ratio of traders long to short at 1.19 to 1. The number of traders net-long is 15.0% higher than yesterday and 1.9% higher from last week, while the number of traders net-short is 7.0% lower than yesterday and 6.6% lower from last week.

As noted in our Sentiment Guide, the fact retail traders are net-long suggests NZD/USD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes hint at a stronger NZD/USD-bearish contrarian trading bias.

NZ Dollar Sentiment Bias Bearish After Gain on Current Account Data

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

DISCLOSURES