NZD/USD reverses most of the RBNZ-led gains. Downbeat data from Australia/China, dovish comments from the RBNZ’s Bascend added weakness. The odds of phase one trade deal between the US and China increase recently. Following an upbeat print of domestic sentiment index, coupled with the recent positive signals concerning the US-China trade deal, the NZD/USD pair takes rounds to 0.6375 at the start of Friday’s Asian session. New Zealand’s (NZ) October month Business NZ Purchasing Managers Index (PMI) rose to 52.6 from 48.4 anticipated and prior. Recent signals from the Politico and the US Department of Agriculture (USDA) indicate receding trade tussle between the US and China. Politico says that the US Department of Commerce is expected to extend the Huawei waiver while the USDA’s Under Secretary Ted McKinney recently said both sides will hold a call on Friday and is giving 50% chance of a successful phase one trade deal. The risk tone was downbeat earlier as US-China keep being at the loggerheads. Despite China’s green signal to the US poultry, odds of a successful trade deal seems to linger the previous day amid previous concerns for the US farm imports and political tension between both the economies surrounding Taiwan/Hong Kong. Increasing the downward pressure on Thursday were downbeat economics from major trading partners, namely Australia and China. Disappointment from Australian employment numbers and Chinese data-dump couldn’t help the kiwi extend its earlier run-up based on the RBNZ’s surprise no rate cut. Additionally, comments from the Reserve Bank of New Zealand’s (RBNZ) Deputy Governor Bascend were also exerting downward pressure on the prices. With no major data up for publishing on the economic calendar, coupled with expected trade talks, markets’ are likely to keep a close watch on the trade/political headlines for fresh direction. Technical Analysis Pair’s failure to cross 100-day Exponential Moving Average (EMA), now at 0.6430, signals another decline to multiple lows surrounding 0.6320. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cryptocurrency bank SEBA is now operational FX Street 3 years NZD/USD reverses most of the RBNZ-led gains. Downbeat data from Australia/China, dovish comments from the RBNZ's Bascend added weakness. The odds of phase one trade deal between the US and China increase recently. Following an upbeat print of domestic sentiment index, coupled with the recent positive signals concerning the US-China trade deal, the NZD/USD pair takes rounds to 0.6375 at the start of Friday's Asian session. New Zealand's (NZ) October month Business NZ Purchasing Managers Index (PMI) rose to 52.6 from 48.4 anticipated and prior. Recent signals from the Politico and the US Department of Agriculture (USDA) indicate receding trade… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
