NZD/USD Daily Fundamental Analysis For May 18, 2011
By ForexMansion.com
The New Zealand dollar (Kiwi) fell versus greenback on Tuesday morning after the NZ government showed that the international visitor spending in New Zealand declined in the year through March as a stronger currency and earthquakes in the southern city of Christchurch deterred tourism.
We can see that the natural disasters are the main reason that pushed the Reserve Bank of New Zealand (RBNZ) to keep rates at 2.50% as the bank aims to stimulate the economy.
Still New Zealand suffers from the earthquakes, but at the same time the government is trying to support the nation by new measures to improve economic conditions.
Expectations are still for the bank to leave the rates unchanged during the first nine months of the year.
On Wednesday, 01:00 GMT, the NZ consumer confidence index will show some advance during May, following the previous 101.4 in April.
The MBA mortgage applications are due from the U.S. at 11:00 GMT, with a previous reading of 8.2%. At 18:00 GMT the Federal Reserve Bank will release the FOMC Minutes. Eyes will be focused on the Feds statement which might be less influential after Bernanke provided the latest updates in the conference following the decision.
Originally posted here
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