Forex Marketz Daily Forex News – Fully Markets Update
The New Zealand dollar has seen some mild gains after mixed economic data out of China. The NZD/USD currency exchange rate is trading above 0.6820 around 0.6830 during the morning Asian trade session.
Today, China, the world’s second largest economy, reported that their official monthly manufacturing purchasing managers’ index (PMI) moved back above fifty into expansion territory.
However, the services purchasing managers’ index move lower and came in below median expectations China said that the “economic mood is improving as 3 PMIs show expansion.”
Later today, U.S. Federal Reserve Chair will testify before Congress. So will Treasury Secretary Janet Yellen. The U.S. will also publish the monthly CB leading index and the Chicago Federal Reserve branch will publish their monthly purchasing managers’ index.
The European Union will release their monthly consumer price index (CPI). Germany is releasing their monthly unemployment change and unemployment rate.
France, the second largest economy in the euro area behind Germany, will publish their quarterly gross domestic product (GDP) and their monthly consumer price index.
The Omicron variant of the coronavirus pandemic (Covid-19) has been labeled a concern by the World Health Organization (WHO). However, more data is needed to see how serious this new strain is.
Daily New Zealand Dollar Technical Report
Looking at the above daily chart, the bears seem to be in control of the New Zealand dollar. The NZD/USD Forex pair remains well below a 17 month old rising trend line which lines up around 0.69. The 61.8 percent Fibonacci level is a solid level of support. This downside barrier is around 0.68.
If the New Zealand dollar breaks below 0.68 or even 0.6790 the October 2020 high price point comes into play at 0.6725.
On the upside, the September 2021 low price point lines up at 0.6860. The rising trend line then comes into focus near 0.69. The 50 percent Fibonacci level at 0.6925 with the March low price point in play at 0.6945.
