Today the focus is on German growth, Australian acquisitions, and US infrastructure.
The New Zealand Employment Change (QoQ) data for Q2 will be released. Forecast: 0.7% If the data is lower than expected the NZD could receive a negative push.
Assets to trade: NZD/CHF, NZD/JPY, EUR/NZD
The US Senate will try to complete work this week on a $1 trillion infrastructure investment bill that would bring long-awaited improvements to roads, bridges, and mass-transit systems and deliver a rare bipartisan victory to President Joe Biden. Affects USD
Faster growth in new orders and employment boosted Germany’s manufacturing sector in July when an expansion gained pace after briefly losing momentum in May, a survey showed on Monday. Affects DAX
Australia’s record merger-and-acquisition (M&A) boom can only intensify in the near term as ultra-low interest rates and confidence that the economy will rebound from the COVID-19 pandemic are likely to drive deal activity, bankers said. Affects AUD
German retail sales increased much more than expected in June following an easing of COVID-19 restrictions, supporting hopes for a consumer-driven recovery in Europe’s largest economy over the summer months. Affects EUR
Oil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers. Affects Brent
President Biden’s infrastructure bill could give the dollar a bump as fear around rising cases spreads as fast as the Delta variant itself. While the eurozone has Germany leading the charge toward stability. The currencies have traded peaks and valleys as they have gained and lost strength.
The pair’s uptrend has stalled at the resistance level around 1.1887. Momentum may not be enough to carry it above.
The pair has shown a Tweezer Top pattern indicating a downtrend, but prices stalled at the support level but could continue down.
The pair has been testing its resistance level as prices flag higher. Prices could break above the level soon.