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Markets were leaning hawkish ahead of yesterday's FOMC outing with many expecting some sort of legacy-oriented statement from outgoing chair Yellen. In the end, however, a dovish hike and a thoroughly unremarkable statement left dollar bulls on the back foot.
Squawk / 07 October 2017 at 1:10 GMT
Managing Director / Technical Research Limited
New Zealand
NZDUSD is likely to drop 30-50 pips when trading kicks off Monday morning local time (7.00-7.30 pm Sunday night London time)

The special vote count from the Sept 23 general election was released on Saturday and showed the ruling National party losing 2 seats to a potential Labour/Greens/NZ First coalition. With 56 seats out of 120, National would need to lure NZ First’s 9 seats to its side to remain the government.

Earlier, NZDUSD had responded to the US employment data, falling to .7057 then coming back to close at .7090 as the USD gave back some of its gains.

What got USD traders excited – for a while – was the average hourly earnings number: up 2.9% year on year (see chart below)

Note the disconnect with the inflation numbers. Something’s gotta give .........

My NZDUSD trade recommendation from Friday was filled (just) and remains in play.

https://www.tradingfloor.com/posts/nzdusd-downside-may-still-have-a-lot-more-room-to-run-8977515
07 October
Treve Treve
Wow, so who will be the Government now ?
07 October
Patto Patto
Odds have swung in favour of a
left wing-led coalition. NZDUSD won't like it one bit ....
07 October
Max McKegg Max McKegg
Yes, the Left have a real "sniff" now and the markets will react accordingly on Monday
07 October
benlouro benlouro
The reaction on Audnzd can be big too?.
07 October
Max McKegg Max McKegg
Yes indeed
08 October
choucri choucri
Do you think the high +ve correlation with EURUSD will hold? so should we expect a drop there as well?
08 October
Patto Patto
NZDUSD dropped to 40 pips 0.7050 on the open (from 0.7090 close on Friday) before recovering. So you were spot on Max....
08 October
Max McKegg Max McKegg
Today's Forecasts and Chart Analysis coming shortly to all subscribers
09 October
Andrew Perkins Andrew Perkins
spot on Max

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