Global demand for gold fell 6 percent in the first half of this year - the lowest first-half total since , according to the World Gold Council (WGC). Today, the dollar was the strongest G10 currency as traders waited for the first testimony by the new Fed chair. The dollar index, which tracks the dollar’s movement against its top global peers.
The fall was partly attributed to the stronger USD as traders waited for the testimony by Powell and partly due to the increasing deficit. The data released earlier today showed that the country exported and imported goods worth NZD 4.
The pair is trading at a low of 0. The pair broke the support price of 1. Yesterday, we predicted that a breach of this level would see the pair test the 1. This has already happened as shown below.
The pair could also reach 1. The alternative scenario is where the pair starts moving up which could see it reach a high of 1. The kiwi fell against the dollar following disappointing trade balance data and the anticipation of the Powell statement.
With no major data scheduled for tomorrow from New Zealand, there is a possibility that the pair could continue to go down. The chart pattern shown below further illustrates why. This will be determined by the pricing of the dollar. The short-term target for the pair is 0.
The fall was attributed to a combination of a stronger dollar and higher treasury yields. You should not invest money that you cannot afford to lose. Traders are people who work on the Forex market, trying to ascertain the direction in which the value of a currency will go and make a trade for the purchase or sale of that currency.
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The New Zealand dollar fell against the US dollar. Today, the dollar was the strongest G10 currency as traders waited for the first testimony by the new Fed chair.
You should not invest money that you cannot afford to lose.