Kiwi Dollar Remains Elevated As Aussie Dollar Struggles
Kiwi dollar managed to gain ground against the US dollar and on the other hand, the Aussie dollar was seen struggling in the near term.
New Zealand Business Confidence released by the ANZ representing the business outlook in New Zealand posted a good gain of 34.4%, up from the last reading of 30.4%.
ANZ business outlook was also released by the National Bank of New Zealand, which came in at 40.9%, more than the forex market was expecting.
In the UK, the GfK Group Consumer Confidence was released, which registered a reading of 1 in February 2015 whereas the market was expecting it to increase to 2.
Japanese Housing starts released by the Ministry of Land, Infrastructure and Transport posted a decline of 13% in January 2015, compared to the last time decline of 14.7%.
In the Switzerland, the KOF Swiss Leading Indicator registered a reading of 90.1 in February 2015, compared to the last revised reading of 96.1.
Italian Consumer Price Index released by the Istat posted an increase of 0.3% in February 2015, compared to the market expectation of no change.
Portugal Gross Domestic Product released by Statistics Portugal posted an increase of 0.7% in the fourth quarter of 2014, compared to the same quarter a year ago.
KOF Swiss Leading Indicator
Earlier today, the KOF Swiss Leading Indicator was released, which posted a better than expected reading, but was down from the last gain. The market was expecting the KOF Swiss Leading Indicator to come in at 90, down from the last reading of 97. However, the outcome was disappointing, as the indicator posted a reading of 90.1, and the last reading was also revised down from 97 to 96.1.
The report highlighted that the downward movement in the KOF Swiss Leading Indicator is now accelerating, and heading below the long term average. The 6 point drop in the latest release is the strongest one since 2011. Moreover, the fall of the Barometer is mostly driven by a deterioration of business sentiment in some of the important sectors such as the manufacturing, construction and activities related to domestic consumption.
There was an important release earlier today in Italy, as the Consumer Price Index released by the Istat. The market was expecting no change in the Italian CPI in February 2015, compared to the preceding month. However, the outcome was a positive one, as the CPI increased by 0.3%. In terms of the yearly change, the Italian CPI declined by 0.2%, which was less than the forecast of -0.5%. The report added that when we exclude energy and unprocessed food, then the core inflation was 0.6%. This was also on the higher side.
Technical Outlook – Aussie Dollar
The Aussie dollar fell sharply earlier during the Asian session against the US dollar, but later it managed to gain buyers. It found support around the 0.7780 level where buyers managed to protect the downside. On the upside, the 0.7820-40 area is acting as a resistance currently.
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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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