Home NZD/USD below 0.68 as investors shun risk, China data misses estimates
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NZD/USD below 0.68 as investors shun risk, China data misses estimates

  • NZD/USD has hit the lowest since Nov. 28.
  • The pair lost 60 pips ahead of the China data release, possibly due to risk aversion and the resulting drop in the JPY cross.
  • Below-forecast China retail sales and industrial production data released soon before press time is adding to the bearish tone around the NZD.

The NZD/USD pair has dropped more than 60 pips in the last one hour, courtesy of risk aversion and a weaker-than-expected China data.

Kiwi ran into offers near 0.6860 an hour ago as investors began selling risk. The S&P 500 futures fell into the red, driving the NZD/JPY cross lower. As of writing, the S&P 500 futures are down 0.60 percent and the JPY cross is down 1 percent.

The bearish tone around the Kiwi strengthened further a few minutes ago, pushing the NZD/USD below 0.68 for the first time since Nov. 28, as China’s retail sales and industrial production numbers missed estimates. Retail sales for November came in at 8.1 percent year-on-year, missing the estimate of 8.8 percent by a big margin. Meanwhile, industrial production also missed estimates by printing at 5.4 percent.

Looking forward, investors may continue to shun risk due to signs of a slowdown in China. As a result, NZD/USD may remain on the defensive.

NZD/USD Technical Levels

NZD/USD

Overview:
       Today Last Price:  0.6801
       Today Daily change:  -63  pips
       Today Daily change %:  -0.918%
       Today Daily Open:  0.6864
Trends:
       Previous Daily SMA20:  0.6854
       Previous Daily SMA50:  0.67
       Previous Daily SMA100:  0.667
       Previous Daily SMA200:  0.685
Levels:
       Previous Daily High:  0.688
       Previous Daily Low:  0.6842
       Previous Weekly High:  0.697
       Previous Weekly Low:  0.6846
       Previous Monthly High:  0.6887
       Previous Monthly Low:  0.6514
       Previous Daily Fibonacci 38.2%:  0.6865
       Previous Daily Fibonacci 61.8%:  0.6856
       Previous Daily Pivot Point S1:  0.6844
       Previous Daily Pivot Point S2:  0.6824
       Previous Daily Pivot Point S3:  0.6806
       Previous Daily Pivot Point R1:  0.6882
       Previous Daily Pivot Point R2:  0.69
       Previous Daily Pivot Point R3:  0.692

 

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