NZD/USD Fundamental Analysis – August 24, 2015 – Forecast
The NZD/USD dipped 11 points on more lackluster Chinese manufacturing data. The US dollars fall limited the declines as the pair fell to 0.7311. Traders sought the safety of assets such as gold overnight as Chinese equities dropped 3.4 percent on the Shanghai Composite Index, Kazakhstan abandoned its fixed-exchange rate regime causing its currency to slump, Turkey’s lira fell to a record low as the country’s security situation deteriorated ahead of this year’s election and North and South Korea exchanged artillery fire in the most serious exchange since 2010. The US dollar index, which measures the greenback against a basket of currencies, fell to a six-week low as traders pushed out expectations for interest rate hikes.
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“Global investors are nervous this morning, as a litany of idiosyncratic events through the developing world heightened already-bubbling concerns about emerging market economies,” Raiko Shareef, currency strategist at Bank of New Zealand, said in a note.
The Caixin/Markit “flash” purchasing managers’ index showed Chinese manufacturing activity shrank for a sixth straight month in August, falling to 47.1 from July’s final reading of 47.8 and remaining below the threshold of 50 that separates expansion from contraction. August’s reading was the lowest since March 2009.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Today’s economic releases:
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Event |
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Forecast |
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CNY |
Caixin Manufacturing PMI (Aug) |
47.1 |
47.7 |
47.8 |
Upcoming Economic Events that you should be monitoring:
Monday, August 24, 2015
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EUR |
German Manufacturing PMI (Aug) |
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EUR |
German Services PMI (Aug) |
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EUR |
Manufacturing PMI (Aug) |
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EUR |
Markit Composite PMI (Aug) |
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EUR |
Services PMI (Aug) |