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May 16, 2023Marginally higher but lacking a clear-cut direction, NZD/USD is trading at 0.6248 after ranging between 0.6186 and 0.626 today.
United States Core Retail Sales at today at 12:30 UTC, — hitting the expected figure of 0.4%, better than previous figure of -0.5%
The New-Zealand Dollar upside coincides with further encouraging market factors as United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.
On the flip side, new Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.
At the same time, data for United States Industrial Production published today at 13:15 UTC came out at 0.5%, beating projections of -0.1% and showing improvement over the preceding figure of 0%.
While the New-Zealand Dollar is up today, these currencies are lagging behind: GBP/CAD is down to 1.68, losing 63 pips, after closing at 1.6863 in the preceding trading session. USD/CAD closed at 1.3418 (down 0.34%). EUR/CAD is down to 1.46, losing 39 pips, after closing at 1.4639 in the preceding trading session.
Positive indicators for the New-Zealand Dollar are expected going forward as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.3 million, following on from the preceding figure of 2.95 million. New data is set to be published tomorrow at 14:30 UTC.
Also worthy of note, New Zealand Retail Price Index is expected today at 15:00 UTC. New Zealand PPI Input (QoQ) (Q1) is scheduled for tomorrow at 22:45 UTC.
Having set a significant low of 0.5566 7 months ago, the Kiwi is trading 12.13% higher.
