The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
New Zealand's economy is producing mixed signals that, on the one hand, could be interpreted as the beginning of a recovery after four consecutive quarters of contraction, and on the other, suggest that the process will be complex and likely protracted.
The terms of trade index rose 4.1% in the second quarter, but this was driven largely by a 0.2% increase in export prices alongside a 3.7% fall in import prices. However, if we look at trade volumes, exports actually declined by 3.7%, while imports rose by 4.2%, meaning that net external trade made a negative contribution to quarterly GDP.
Earlier, data on retail sales showed healthy growth but remain insufficient to rule out a GDP contraction in the second quarter. Employment is increasing, but the year-on-year figure remains in negative territory, as the depth of the labor market downturn has exceeded even the Covid period.
Consumption remains subdued as the ANZ consumer confidence index fell by 3 points to 92 in August, reaching its lowest level in 10 months. Business confidence ticked up by 2 points to 50 in August, but both expected and past activity indicators declined. Inflation measures have eased, indicating the risk of persistent inflation spikes is moderating.
Overall, the latest data released since the most recent RBNZ rate cut do little to inspire confidence in a robust New Zealand recovery. The forecast calls for a 0.1% contraction in GDP in the second quarter, bolstering expectations that the RBNZ will cut rates further. ANZ Bank analysts expect the policy rate to be lowered from the current 3.0% to 2.5% by year-end.
As a result, NZD/USD can only appreciate if the Federal Reserve cuts rates even more aggressively, or if the US economy moves toward recession. For now, markets are operating under this assumption or something close to it, which largely explains projections for further weakness in the dollar. But given the considerable uncertainty, such a one-sided view looks questionable—New Zealand still faces substantial challenges.
Net short positions in NZD increased by $118 million over the reporting week to -$358 million. Positioning remains neutral, with growing bearish bias. The estimated fair value is below the long-term average and is trending lower.
The NZD/USD rebound from 0.5800 support was shallow, with a local high formed at 0.5911. The New Zealand dollar was unable to move higher, making this the main resistance level. We see a growing trend toward further declines, expect a retest of 0.5800, and a move toward the next support at 0.5725.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
