NZD/USD: More Upside Risk Ahead - Westpac
Imre Speizer, analyst at Westpac offering a 1 week outlook noted that
the US dollar remained on the back foot, posing upside risks for NZD/USD again this week.
Key Quotes:
"After
breaking above a six-month old contracting range last week, NZD/USD has
fallen back inside the range and has no obvious directional bias near
term.
However, with the US dollar still on the back foot the
risks for NZD/USD remain to the upside, and we see scope for it to run
as far as 0.72 during the month ahead. US growth estimates for Q1 have
been slashed (to 0.1% yoy by the Atlanta Fed) and markets give a June
hike only a 20% chance.
The NZ data calendar remains light this
week, none of the releases typically market moving. On Mon we have
electronic retail spending and REINZ house sales and prices. Wed sees
food prices, and Thu has manufacturing PMI."
(Market News Provided by FXstreet)
