Article by Investazor.com
Even though there was not any major macro publication from New Zeeland economy and in spite of the positive macro data from the American economy, NZDUSD had a very good week and hit a four month high. This could be explained by the risk appetite law which states that when the US dollar gets stronger, investors raise their risk appetite and start to sell American dollars and buy more risky currencies, like NZD for example. Another reason is the speculation that appeared in the markets which suggests that the central bank would raise the official cash rate next week.
Economic Calendar
Manufacturing Sales q/q (5:45 GTM)-Sunday. This indicator is released quarterly and measures the change in the total value of sales at the manufacturing level. Even though it is a low impact indicator, you should pay attention at it as last time produced a big pleasant surprise with a reading of 4.7%.
REINZ HPI m/m (Tentative)-Monday. It is an important indicator for the real-estate sector which measures the change in the selling price of all homes. This is why it is considered a leading indicator for the housing industry’s health. In the last two months it was published in the negative territory.
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