Tuesday, October 4, 2022
HomeForexDay by day Foreign exchange Information and Watchlist: EUR/NZD

Day by day Foreign exchange Information and Watchlist: EUR/NZD


New Zealand is about to launch its quarterly retail gross sales report!

Will EUR/NZD resume its selloff if we see an upside shock?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/USD’s descending triangle assist forward of the U.S. PMI releases. Remember to take a look at if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Information:

U.S. flash companies PMI fell from 47.3 to 44.1 vs. 49.8 forecast

U.S. flash manufacturing PMI down from 52.2 to 51.3 vs. 51.8 forecast

Fed official Kashkari: Largest concern is that inflation might be extra persistent

Richmond manufacturing index sank from 0 to -8

Eurozone client confidence index improved from -27 to -25

U.S. new house gross sales slowed from 585K to 511K vs. 574K forecast

API experiences bigger than anticipated draw of 5.632M barrels in crude oil inventories

The crypto market stays uneven.

U.S. headline and core sturdy items orders at 12:30 pm GMT
U.S. pending house gross sales at 2:00 pm GMT
U.S. EIA crude oil inventories at 2:30 pm GMT
New Zealand quarterly retail gross sales at 10:45 pm GMT

Use our new Foreign money Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: EUR/NZD

EUR/NZD 1-hour Foreign exchange Chart

This pair not too long ago fell by its short-term double prime neckline, confirming {that a} selloff is so as.

One other likelihood to hop on this potential development is materializing, as EUR/NZD seems to be pulling again to the realm of curiosity.

Will extra sellers take part quickly?

The upcoming quarterly retail gross sales launch from New Zealand is hinting at one other leg larger for the Kiwi, as analysts are predicting a robust rebound in spending.

After sinking by 0.5% within the earlier quarter, headline retail gross sales seemingly jumped by 1.7% in Q2 whereas core retail gross sales in all probability accelerated from a flat studying to 1.8% progress.

Stronger than anticipated information may imply much more upside for the New Zealand greenback since this might give the RBNZ extra room to hike rates of interest.

As for the euro, understand that the area printed combined outcomes from its manufacturing and companies PMI surveys for August.

Technical indicators are trying bullish thus far, because the 100 SMA continues to be above the 200 SMA whereas Stochastic is edging larger. Then once more, the narrowing hole between the shifting averages appears to be hinting at a bearish crossover.

Higher await the oscillator to achieve the overbought space in case you’re planning on shorting this one!

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