Forecast: New Zealand’s economy may have stalled in 3Q

NEW YORK (Forex News Now) – Statistics New Zealand is due on Wednesday to publish quarterly GDP data, in the day’s major realtime forex news event affecting the kiwi.

The report is expected to show that gross domestic product rose by just 0.1 percent in the third quarter, according to online FX trading analysts, down from the mark of 0.2% recorded in the second quarter.

The office is scheduled to release the report at 9:45 P.M., GMT; as such it should have an impact on currency market trading the following day.

However, trading of the NZD/USD currency pair could be overshadowed by the release several hours earlier of final US third quarter GDP data.

According to NZD/USD analysis, if New Zealand’s GDP data shows higher-than-expected growth, it could lift the currency pair toward immediate resistance around yesterday’s high of 0.7483.

But if the data shows the opposite, NZD/USD could push toward short-term support around the Dec. 17 low of 0.7350.