AUD/NZD in focus as traders speculate on local data
City Index February 24, 2014 7:25 AM
<p>A quiet Monday opening as stocks felt very much in consolidation mode. FX majors followed on at Friday’s levels early in the Asian session as […]</p>
A quiet Monday opening as stocks felt very much in consolidation mode. FX majors followed on at Friday’s levels early in the Asian session as the economic docket remained quiet.
It could be an interesting week for the Australian Dollar however,with the 4th Quarter CAPEX numbers due on Thursday and Chinese manufacturing PMI numbers out late on Friday. This data, alongside some key New Zealand trade and business confidence data could play out nicely for the AUD/NZD trade I have talked about in the past.
CAPEX numbers have the potential to disappoint compared with Q3, as worries still centre on the reliance of mining. Kiwi data has surprised to the upside of late, and this may be no different as we cover Lunar New Year demand for Kiwi goods from China. We have seen some selling from 9020/80 in AUD/USD and this should continue as risk aversion starts to regain momentum and focus once again falls on emerging markets and FED QE tapering speculation. AUD/NZD (as of writing) sits around 1.0830. Key support and resistance to watch out for amid this data set:
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