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According to the National Bureau of Statistics, the output of flat glass in April was 72.83 million weight boxes, a year-on-year decrease of 7.9%, and the output of flat glass from January to April was 296.39 million weight boxes, a year-on-year decrease of 5.8%.According to the National Bureau of Statistics, cement production in April was 145.71 million tons, a year-on-year decrease of 10.8%, and cement production from January to April was 443.28 million tons, a year-on-year decrease of 8.6%.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in April was 8.95 million tons, a year-on-year decrease of 2.2%. From January to April, sulfuric acid (100% purity) production was 37.08 million tons, a year-on-year increase of 2.6%.On May 18th, the National Bureau of Statistics released data on the national economic performance for January-April. The average urban surveyed unemployment rate nationwide was 5.3% for the period. In April, the national urban surveyed unemployment rate was 5.2%, a decrease of 0.2 percentage points from the previous month. The surveyed unemployment rate for local registered labor force was 5.3%; the surveyed unemployment rate for migrant workers was 5.0%, including a 5.0% rate for migrant agricultural workers. The urban surveyed unemployment rate in 31 major cities was 5.2%, a decrease of 0.1 percentage points from the previous month. The average weekly working hours for employees in enterprises nationwide was 48.0 hours.On May 18th, it was reported that from January to April, the sales area of newly built commercial housing reached 252.58 million square meters, a year-on-year decrease of 10.2%, with the decline narrowing by 0.2 percentage points compared to January-March; among which, the sales area of residential housing decreased by 12.2%. The sales value of newly built commercial housing reached 2.3 trillion yuan, a decrease of 14.6%, with the decline narrowing by 2.1 percentage points; among which, the sales value of residential housing decreased by 15.7%. At the end of April, the unsold area of commercial housing was 778.01 million square meters, a year-on-year decrease of 0.5%. Among which, the area unsold for less than 3 years was 579.03 million square meters, a decrease of 2.6%. From January to April, the funds available to real estate development enterprises totaled 2.6697 trillion yuan, a year-on-year decrease of 18.4%. Among which, domestic loans amounted to 419.9 billion yuan, a decrease of 25.9%; self-raised funds amounted to 983.8 billion yuan, a decrease of 10.5%; deposits and advance payments amounted to 797.5 billion yuan, a decrease of 17.6%; and personal mortgage loans amounted to 308.7 billion yuan, a decrease of 31.7%.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

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During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.