EURNZD once again found buyers near the 2-month lows while the upside momentum is still limited as traders remained cautious ahead of the Reserve Bank of New Zealand meeting outcome. I expect the pair is likely to see more volatility going forward.
This week the markets have a lot of economic data to digest. The main highlights of the economic calendar will be the RBNZ interest rate decision, FOMC minutes, US GDP, PCE inflation and durable goods orders data. At the same time, It will also be an idea to keep a lookout for fresh updates from the US debt ceiling negotiations.
AUDUSD retreats back to near previous session lows of 0.6630 after the release of weak jobs reports. While despite the disappointing jobs data the overall lower volatility suggests downside appears limited as risk appetite improves.
Commodities, Precious metals and stocks ended mixed last week despite the latest US CPI and PPI readings showing continued month-over-month inflation moderation. This week the investors should continue to focus on the results of the debt ceiling meeting.
Shares of Canadian multinational e-commerce giant Shopify (NYSE: SHOP) surged more than 25% last week after the company earnings and revenue for the Q1 topped analyst estimates. $SHOP: Is it time to buy now or wait?