The New Zealand dollar gained against the major currencies after the unemployment data
2018-11-07 07:09 am | Resource: News | No Views : 47
The New Zealand dollar rose against its major counterparts in the Asian session on Wednesday, after strong third-quarter local employment data. As investors await interest rate decision from the Reserve Bank of New Zealand tomorrow. It is widely expected that the Reserve Bank of New Zealand will keep the OCR unchanged at 1.75%.
New Zealand's unemployment rate fell by a seasonally adjusted 3.9% in the third quarter of 2018, data from New Zealand statistics showed. That was well below expectations of 4.4% and fell sharply from 4.5% in the previous three months. Employment was up 2.8 percent year-on-year, beating expectations for a 2.0 percent gain after rising 3.7 percent in the second quarter.
US midterm elections
Asian stocks were up US midterm elections led to the division of Congress, and did not offer a surprise to investors.
Trading futures for major US indices in the red zone as networks closed their mid-term outlook. US President Donald Trump has called for the Republican and Democratic parties. Nancy Pelosi, a Democrat, said the new majority in the House of Representatives would not be the first to dismiss the president. Investors remain cautious, however, as the US Congress will be controlled by two parties in the next two years.
The Dow Jones Industrial Average and the S & P 500 remained flat, dropping 0.04% and 0.02%, respectively. Meanwhile, the Nasdaq 100 shed 0.12%.
New Zealand Dollar Trading
- After initially trading in red before the polls closed in the United States, the euro rose against the US dollar later and rose 0.27% against the US currency to 1.14490 at 6:38 am CET. The euro is still down 0.63% against the dollar for the month.
- The dollar fell 0.15% against the yen as well, heading to 113.2835 at 6:39 CET.
- The kiwi strengthened to a 3-month high of 0.6779 against the US dollar near a 4-month high of 76.73 against the yen, from an early low of 0.6712 and 76.25 respectively. The Kiwi is likely to find resistance around 0.685 against the US Dollar and 78.00 against the Yen.
- The New Zealand dollar fell from an early low of 1.0753 against the Australian dollar and 1.6996 against the euro, rising to a nine-week high of 1.0715 and 1.6912 respectively. The next potential resistance for the kiwi can be seen around 1.06 against the Australian dollar and 1.67 against the euro.
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY managed to control movement the USDJPY to break the support level around the 113.58 level down to hit the 113.07 level forming a positive candlestick pattern to bounce back above to test the 113.58 level especially after the release of the US Retail Sales report which showed growth and a…
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