The Kiwi has rallied overnight due to speculation that the Federal Reserve in the US will not be raising rates anytime in the near future. The NZD/USD remained range bound yesterday while see lows of 0.7590 countered by highs of 0.7666. With no local economic releases scheduled today the NZ Dollar will again look overseas again for any driving price action. However, with trade balance and business confidence data being released tomorrow, and the RBNZ statement coming out on Thursday, the Kiwi is expected to sit on the fence while investors anxiously await these upcoming announcements.
After a rather lacklustre trading session during the day yesterday the Pound Sterling now finds itself stronger when compared to a handful of its major counterparts. The Cable opens this morning at 1.5232 after soft services data that trailed expectations were released along with commentators stating that an upcoming US rate hike is unexpected. All eyes will be on GDP figures being released later in the day for the 1st
Quarter of 2015. With GDP being the broadest measure of economic activity this report will give an insight into the country’s economic health, and depending on what is reported will look to have have a significant impact on the Sterling.
Charts : NZD/USD