6:45pm (NY Time) NZ GDP q/q Forecast 0.5% Previous 0.8%
ACTION: NZD/USD BUY 0.8% SELL 0.2%
New Zealand GDP is a high impact news release scheduled on a quarterly basis… The expected consensus number is 0.5%, therefore if we get a 0.3% of deviation, we should see market move 40 pips within the hour. NZD has been benefitting from the recent risk appetite sentiment as the result of China’s announcement of ending its peg with USD, and the fact that RBNZ has started its rate tightening cycle. If we get a positive reading on the GDP number, expect NZD/USD to rise and retest recent resistance levels; if the GDP remains heavily to the downside, a decent retracement should be expected of NZD and 0.6800 should provide strong support.
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