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NZD/USD: Outlook down this week - Westpac

FXStreet (Bali) - NZD/USD outlook is down this week, notes Imre Speizer, FX Strategist at Westpac.

Key Quotes

"NZD/USD momentum remains negative, despite brief bouts of buying. We expect downward pressure to remain on NZ interest rates given the RBNZ pause signal, and the weakness in dairy prices could persist for a few months yet."

"Fundamental support for the US dollar should resume this week with risks around the US economic data releases skewed mostly to the stronger side."

"We continue to target 0.8400 during the month ahead, and expect to see it near 0.8200 by year end."

"This week’s NZ calendar will hold only moderate interest for markets. Electronic retail spending (Mon), REINZ house market (same day), manufacturing PMI (Tue), and Q2 retail sales volume (Thu) comprise the week."

"The US calendar is livelier this week, headlined by July retail sales and the Aug NY Fed Empire State survey. PPI, industrial production and the Aug prelim Michigan survey are on tap too. Fed doves Dudley and Rosengren are on the speaker’s podium."

GPIF to temporarily scrap cap on domestic stockholdings - Nikkei

According to the Nikkei, Japan's Government Pension Investment Fund (GPIF) has temporarily scrapped its cap on domestic stock-holdings, meaning that the fund can now buy more domestic shares even if the percentage of such shares exceeds the current upper limit of 18% of its entire asset of around $1.26 trillion, Nikkei said.
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