28 Feb 2018
NZD/USD: bearish bias despite resonable NZ data - ANZ
Analysts at ANZ explained that an easing bias for the NZD remains despite some reasonable data so far this week.
Key Quotes:
"A further push higher in New Zealand’s terms of trade and a second wind for Job Ads might give it some pause for thought today, but USD direction remains firmly in the driver’s seat."
"Locally the focus is ANZ Job Ads (10.00am) and terms of trade index (10.45am). Job Ads will be watched for a second wind after a flattening off was followed by a strong January (3.1% m/m). The terms of trade index is likely to show a further increase (1.0% q/q) from all-time highs driven by broad-based commodity price strength.
Offshore focus will be on Australian Q4 capex where we expect a modest rise of 1.2% q/q. The Caixin Chinese manufacturing PMI will be watched too after an unexpectedly large fall in the official PMI earlier in the week."