NZD/USD holding steady following mixed Trade Balance figures
- NZD moving quietly at the week's outset.
- NZ trade balance sees $3 billion deficit still at play.
- RBNZ adds employment targets to operational mandates.
The Kiwi is trading quietly to kick off the new week despite a quick flurry of news in New Zealand Trade Balance and the Reserve Bank of New Zealand's (RBNZ) updated Policy Target Agreement (PTA), though the NZD/USD is still sedated as markets wake up to the new week, grinding out near the 0.7240 level.
RBNZ updates policy, NZ trade balance numbers start the week's news flow
The RBNZ has added an employment target mandate to the PTA as new governor Adrian Orr prepares to take over the central bank on March 27th, and New Zealand Trade Balance figures have released mixed, with a positive upswing in the month-over-month figures of $217 million, though the year-on-year deficit of #-3.02 billion remains in place.
Little else remains on the Kiwi's macro calendar for this week until Building Permit figures at 21:45 GMT on Wednesday and markets will no doubt be focusing on US final GDP figures on Wednesday at 12:30 GMT, and the ongoing trade war tensions between the US and China.
NZD/USD Technicals
The Kiwi is operating in a notably poised manner, refusing to sink below the 0.7200 for very long, but resistance levels are declining from swing highs on Daily candles from 0.7350 and 0.7400, while the 200-day SMA continues to support price from 0.7155.