NZD/USD Fundamental Analysis February 26, 2013 Forecast

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Updated: Aug 21, 2015, 13:00 GMT+00:00

Analysis and Recommendation: The NZD/USD tipped by 11 pips to start the week trading at 0.8367. Chinese data weighed heavily on all Asian Pacific regional

NZD/USD Fundamental Analysis February 26, 2013 Forecast

Analysis and Recommendation:

The NZD/USD tipped by 11 pips to start the week trading at 0.8367. Chinese data weighed heavily on all Asian Pacific regional currencies. Even though the HSBC PMI data reported well above the 50 level, it was well under forecasts, reporting at 50.40 against expectations at 52.20.

The kiwi may fall in a week when the Italian election outcome, testimony by Federal Reserve chairman Ben Bernanke and the appointment of a new Bank of Japan governor loom as the biggest event risks.

Traders are fretting the Italian election won’t be a clean result while Bernanke’s two-day testimony comes after FOMC minutes showed division within the Fed about the scope of quantitative easing. Meantime, the kiwi has advanced against the yen today following media reports that Asian Development Bank chief Haruhiko Kuroda is Prime Minister Shinzo Abe’s favored BOJ candidate and shares his vision to stimulate the economy.

The Reserve Bank survey of expectations for the first quarter is due tomorrow and merchandise trade for January is out on Wednesday. Thursday brings the ANZ Business Outlook and Australian capital spending for the fourth quarter, and spending intentions, amid widespread expectations investment in the mining sector is peaking.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data February 25, 2013 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Feb. 25

JPY

CSPI (YoY)

-0.2%

-0.2%

-0.4%

CNY

Chinese HSBC Manufacturing PMI

50.40

52.20

52.30

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date	Time	Currency	Event	Forecast	Previous
Feb. 26	15:00	USD	CB Consumer Confidence	61.0	58.6
	15:00	USD	New Home Sales	385K	369K
	21:45	NZD	Building Consents (MoM)		9.4%
	21:45	NZD	Trade Balance	100M	486M
	23:50	JPY	Retail Sales (YoY)	-1.3%	0.4%
Feb. 27	00:30	AUD	Construction Work Done (QoQ)	1.5%	1.7%
	13:30	USD	Core Durable Goods Orders (MoM)	0.2%	1.0%
	13:30	USD	Durable Goods Orders (MoM)	-3.9%	4.3%
	15:00	USD	Pending Home Sales (MoM)	1.8%	-4.3%
	21:45	NZD	Building Consents (MoM)		9.4%
	23:50	JPY	Industrial Production (MoM)	1.5%	2.4%
Feb. 28	00:30	AUD	Private New Capital Expenditure (QoQ)	1.0%	2.8%
	13:30	USD	GDP (QoQ)	0.5%	-0.1%
	14:45	USD	Chicago PMI	54.5	55.6
	23:30	JPY	Tokyo Core CPI (YoY)	-0.6%	-0.5%
Mar. 01	01:00	CNY	Chinese Manufacturing PMI		50.40
	13:30	USD	Core PCE Price Index (MoM)	0.2%
	13:30	USD	Personal Spending (MoM)	0.2%	0.2%
	14:55	USD	Michigan Consumer Sentiment	76.3	76.3
	15:00	USD	ISM Manufacturing Index	52.6	53.1