By Dan Bell
NZDUSD had a relatively quiet night, trading in familiar ranges. Yesterday’s upbeat retail sales data was not enough to see NZDUSD hurdle near term resistance at 0.8340. Right now 0.8270
US equity markets pulled back from 1 week highs. The Dow is currently down 1.51% on the day, the S&P 500 1.75%.
Markets await the highlight of this week’s news, US Fed Chairman Bernanke’s speech at the central bank summit Jackson Hole. He is expected to speak at 0200 New Zealand time on Saturday. Any hint as to the likelihood of further stimulus in the US will be very closely watched.
Elsewhere, CBI realised sales (an alternative retail sales measure) in the UK came in worse than expected. This number might have been a good one were it not for the deep discounts seen at some shops in London in the last month!
-------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.