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30 Nov 2015
NZD/USD: 0.6470 needs to give way for sustained supply - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained that the New Zealand building consents rose for the first time in three months to October, led by Auckland, New Zealand’s most populated city.
Key Quotes:
"Consents were up 5.1% m/m in October, following a revised decline of 5.8% in September and a fall of 5.3% in August.
Separately, business confidence bounced to a six-month high in November, suggesting the RBNZ’s loosening to date is working, which may see the central bank holding off on further easing for the second meeting in a row."
"We continue to hold a neutral view for NZD (this pair has been trading in a 0.6470/0.6605 range since 19th of November). While short-term downward momentum is picking up, only a clear break below 0.6470 would indicate the start of a sustained down-move."
Key Quotes:
"Consents were up 5.1% m/m in October, following a revised decline of 5.8% in September and a fall of 5.3% in August.
Separately, business confidence bounced to a six-month high in November, suggesting the RBNZ’s loosening to date is working, which may see the central bank holding off on further easing for the second meeting in a row."
"We continue to hold a neutral view for NZD (this pair has been trading in a 0.6470/0.6605 range since 19th of November). While short-term downward momentum is picking up, only a clear break below 0.6470 would indicate the start of a sustained down-move."