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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • The US Dollar may remain on the offensive against ASEAN currencies amid Covid case growth and regional lockdown risks that threaten growth. All eyes are also on the Federal Reserve.Get your market update from @ddubrovskyFX here:https://t.co/f0crShr7Cf https://t.co/gqhdotvXG0
  • S&P 500 Holds Steady After the FOMC, Hang Seng Aims For a Rebound https://www.dailyfx.com/forex/market_alert/2021/07/29/SP-500-Holds-Steady-After-the-FOMC-Hang-Seng-Aims-For-a-Rebound-.html https://t.co/P4K7nxzVZT
  • #Gold prices gaining during Thursday's APAC session in the aftermath of the #FOMC rate decision US Dollar and Treasury yields have been on the decline, offering #XAUUSD optimal trading conditions Full gold brief coming out at the top of the hour, stay tuned! https://t.co/85iVV17eGj
  • 🇳🇿 ANZ Business Confidence (JUL) Actual: -3.8 Previous: -0.6 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Hang Seng Index futures are up 3% before cash market open, pointing to a strong start on Thursday. - Key support level: 24,850 - Immediate resistance level: 26,200 https://t.co/UN9c8Q6rIv
  • Heads Up:🇳🇿 ANZ Business Confidence (JUL) due at 01:00 GMT (15min) Previous: -0.6 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:https://t.co/T3oQa98J3D https://t.co/3wDTX3N0q3
  • Robinhood said to price IPO at $38 per share - BBG
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:https://t.co/9iZa4oE4WQ https://t.co/4qC3c5Ki0v
  • 🇯🇵 Foreign Bond Investment (24/JUL) Actual: ¥1087.4B Previous: ¥-7827B https://www.dailyfx.com/economic-calendar#2021-07-28
Most Asian Stocks Rise, NZD Climb on CPI Expectations At Risk

Most Asian Stocks Rise, NZD Climb on CPI Expectations At Risk

Daniel Dubrovsky, Strategist

Asian Stocks Talking Points: Shanghai Composite, Australian Dollar, NZD/USD

  • Most Asia/Pacific shares echo gains from Wall Street, Shanghai Composite falls post US tariffs
  • New Zealand Dollar appreciated after local 2-year inflation expectations rose in Q3 from Q2
  • NZD/USD’s push higher is at risk on a relatively dovish RBNZ monetary policy announcement

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

Most Asia/Pacific benchmark indexes traded higher, echoing gains from the US session. There on Wall Street, the S&P 500 and NADAQ Composite rose 0.50% and 0.31% respectively. Heading into the conclusion of Wednesday’s Asia session, Japan’s Nikkei 225 rose 0.48%. It was led by industrials and telecommunication. South Korea’s KOSPI and Australia’s ASX 200 were up 0.30% and 0.32% each.

The exception came from China’s stock market, where the Shanghai Composite declined about 0.32 percent. Heading into the trading session, the US imposed the rest of its $50b in Chinese import tariffs. This amounted to $16b and is expected to go into effect on August 23rd. With that in mind, local shares may have not taken the news well as the two largest economies inch deeper into trade spats.

Looking at currencies, the Australian Dollar edged cautiously higher following a speech from RBA Governor Philip Lowe. It seemed to be buoyed also by Chinese trade data in which both import and export growth beat expectations in the month which US tariffs went into effect. Meanwhile, the New Zealand Dollar also rose after local 2-year inflation expectations rose for the third quarter from the second.

Over the remainder of the day, a top tier event risk on the economic calendar will be the RBNZ rate decision. Amidst softer inflation and jobs data, the central bank may offer a relatively dovish tone and send the New Zealand Dollar lower. Crude oil prices will look to official EIA weekly inventories. Recent API estimates points to a larger-than-expected contraction at 6.02m bbl and that could send the commodity higher.

We released our 3Q forecasts for Crude Oil, US Dollarand the Japanese Yen in the DailyFX Trading Guides page

NZD/USD Technical Analysis

While NZD/USD saw some gains during Wednesday’s Asia session, the pair still remains in consolidation mode when looking at the bigger picture. It seems to have failed pushing below near-term support at 0.6716, which is a combination of the mid-July and early-August lows. From here, near-term resistance appears to be around 0.6851 or just of the upper boundary of NZD/USD’s recent range.

NZD/USD Daily Chart

NZD/USD and other equities Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES