Daily Forex Market Preview, 23/02/2018
Data from the UK showed that the second revised estimate was lowered to 0.4% down from the first estimate of 0.5% for the quarter. This brought the annual GDP in the UK to 1.4% on the year missing estimates of 1.5%. The business investment for the quarter was also revised to show a flat print, compared to the initial estimates of 0.5%. The British Pound was seen falling on the news.
Later in the day, the New Zealand quarterly retail sales data showed a 1.7% increase on the quarter ending December 2017. This was stronger than expected as retail sales increased from 0.3% in the third quarter.
Looking ahead the data will cover the final inflation estimates for the month of January. Canada will also be releasing the inflation figures. Economists forecast a 0.4% increase on the month, which would reverse the 0.4% decline from the previous month. A number of Fed officials will also be speaking which includes Dudley, Mester and Williams.
NZDUSD 23-02-2018 Intra-day analysis
NZDUSD (0.7293): The New Zealand dollar was seen consolidating near the 0.7333 level but the rebound in prices at this resistance level failed. At the time of writing, NZDUSD is seen posting a decline off the resistance level. This could potentially indicate a decline toward 0.7160 level of support in the near term. Alternately, a close above 0.7333 on a daily basis could indicate a continuation to the sideways range in the NZDUSD.