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23 Apr 2014
NZD key levels catching attention - Westpac
FXStreet (Guatemala) - Westpac Global Strategy Group explained that in a very short week New Zealand markets, the key focus will be CPI Wednesday then RBNZ OCR.
Key Quotes:
“The complexion of NZ economic data during the past few weeks has become less constructive for the kiwi. We estimate the RBNZ’s OCR forecast, were it to be published this week (it won’t until June), would be around 25bp lower than in March”.
“A likely meeting to drop one of the forecast hikes would be July’s, though there should be only limited indication of such a move in Thursday’s statement”.
“The 10 Apr 0.8746 high in NZD/USD may not be repeated during the next few weeks. The break of trend support at 0.8620 signals a further fall towards 0.8515 and 0.8400”.
Key Quotes:
“The complexion of NZ economic data during the past few weeks has become less constructive for the kiwi. We estimate the RBNZ’s OCR forecast, were it to be published this week (it won’t until June), would be around 25bp lower than in March”.
“A likely meeting to drop one of the forecast hikes would be July’s, though there should be only limited indication of such a move in Thursday’s statement”.
“The 10 Apr 0.8746 high in NZD/USD may not be repeated during the next few weeks. The break of trend support at 0.8620 signals a further fall towards 0.8515 and 0.8400”.