Investing.com - The New Zealand dollar ended Friday's session
little changed against its U.S. counterpart, as worries over the
outlook for global economic growth continued to weigh on appetite
for growth-linked assets.
NZD/USD hit 0.8376 on Monday, the pair's lowest since April 5; the
pair subsequently consolidated at 0.8417 by close of trade, losing
1.99% for the week.
The pair is likely to find support at 0.8376, Monday's low and
resistance at 0.8490, Friday's high.
Worries over the global economy intensified earlier in the week
after the International Monetary Fund cut its 2013 forecast for
global growth to 3.3%, down from its January projection of 3.5%.
The growth projection for China was trimmed to 8% from 8.2%, while
the growth outlook for the U.S. was lowered to 1.9% from 2%.
The IMF also said that the euro zone remains the weakest part of
the global economy.
Meanwhile, in New Zealand, official data released earlier in the
week showed that consumer price inflation rose 0.4% in the first
quarter, in line with expectations, after a 0.2% decline in the
In the week ahead, investors will be awaiting Friday's U.S. data on
first quarter growth amid lingering concerns that the U.S. economic
recovery is losing momentum.
Markets will also be focusing on the outcome of a policy meeting by
the Reserve Bank of New Zealand for indications on the future of
its monetary policy.
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, April 22
The U.S. is to release private sector data on existing home sales,
a leading indicator of demand in the housing market.
Tuesday, April 23
China is to publish its HSBC manufacturing index, a leading
economic indicator. China is New Zealand's second biggest export
Meanwhile, the U.S. is to produce official data on new home sales
as well as preliminary data on manufacturing activity.
Wednesday, April 24
The RBNZ is to announce its benchmark interest rate. The
announcement is to be accompanied by the bank's rate statement,
which contains important insights into the economic outlook.
The U.S. is to release government data on durable goods orders, a
leading indicator of production, as well as data on crude oil
Thursday, April 25
Markets in New Zealand are to remain closed for a national holiday
The U.S. is to produce the weekly government report on initial
jobless claims later in the trading day.
Friday, April 26
New Zealand is to publish official data on the trade balance, the
difference in value between imports and exports.
The U.S. is to round up the week with preliminary data on first
quarter growth, the broadest indicator of economic activity and the
leading measure of the economy's health.
The U.S. is also to release revised data from the University of
Michigan on consumer sentiment and inflation expectations.
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