RBNZ RATE CUT TRIGGERS NZDUSD VOLATILITY, KEY LEVELS IN PLAY
The RBNZ cut rates by 50 basis points, causing a drop in NZDUSD.
The pair broke below a key swing area but bounced off the 200-hour moving average at 0.5679.
NZDUSD rose above the 100-hour moving average at 0.5709 and cleared the 0.5723 swing level.
GERMAN MANUFACTURING BEATS EXPECTATIONS, SERVICES SECTOR GROWS S&P Global released Germany’s February PMI for manufacturing and services. Manufacturing activity outperformed expectations but remained in contraction. The services sector saw growth for the second consecutive month. Overall, mixed results for Germany’s economic sectors.
CANADA'S RETAIL SALES BEAT EXPECTATIONS IN JANUARY Canada’s retail sales grew by 2.7% in January, surpassing expectations of 1.7% growth. January’s growth follows a 0.7% contraction in December. Positive data signals strong consumer spending.
EUR/USD is trading below 1.0500 on Friday. German and Eurozone data showed only small growth in business activity for February. Investors are waiting for US PMI data for further market direction.
XAU/USD DOWN BUT NOT OUT AHEAD OF US PMI DATA Gold price pulls back from near all-time highs of $2,955, anticipating US PMI data. The US Dollar attempts a recovery despite sluggish US Treasury bond yields. Gold remains exposed to upside risks, with a positive daily technical setup.