Article by Investazor.com
Even though NZDUSD looked quite bearish for last week, the bulls were relentless and managed to push the price higher setting another annual high at 0.8700 from which it retraced a bit and closed the week at 0.8650. The one and only macroeconomic indicator for New Zeeland last week proved to be essential for bulls’ justification of raising the quotation as the trade balance came at the highest level since May 2011. As a result, the price itself was again pushed towards the highs of 2011.
These events made the governor of the central bank to react and to say that having into consideration the promising recovery New Zeeland economy is having and that exports are hurt by the strength of the NZD, we may see further interest rate hikes this year.
Economic Calendar
Building Consents m/m (10:45 GTM)-Sunday. This is a leading gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. It follows that this indicator measures the change in the number of new building approvals issued. Also, it is a medium impact indicator and lately it had fluctuant values. In February it was -8.3%, so it will draw some attention from the investors.
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