February 27th 2020

The New Zealand trade balance for January clocked in at a smaller-than-expected deficit, based on a smaller slowdown in exports. Souring the report was a steeper contraction in business confidence, resulting from the coronavirus, which continues to spread globally. The NZDUSD is now in a holding pattern inside of its horizontal support area until key US economic data will be released. Where is this currency pair headed to next? Today’s fundamental analysis will take a look at price action in both directions.

Forex traders await a dose of key US economic data today. Durable goods orders are expected to post a contraction, but Capital Goods Orders Non-Defense Excluding Aircraft are called marginally higher. The final fourth-quarter GDP is anticipated to show a downward revision to private consumption. How will price action in the NZDUSD react following today’s data? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.