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NZD/USD drops sharply on GDP miss

FXStreet (Guatemala) - NZD/USD dropped an immediate 35 pips on the back of the GDP results for Q2 that were lower than expected.

NZD/USD had been on a winning streak this week having risen in a modest climb from 0.6250 up to 0.6378 at its highest point within the ascending channel. The commodity sector has been recovering and risk sentiment has been improving, all of which has been supporting the bird since the RBNZ's dovish rhetoric of late when they cut rates again and have said that they will also cut rates substantially if need be depending on data, and this result will be in line with the RBNZ's dovish camp. Next up, we have the Fed's decision tomorrow.

NZD/USD downside levels

Technically, the 200 SMA at 0.6317 is next key support which is guarding 0.6290 recent lows on the rising support line from the mid point of the 0.62 handle.

New Zealand: Q2 GDP figures disappoint

New Zealand's Gross Domestic Product (QoQ) (Q1) came at 0.4% vs 0.6% exp and 0.2% last, while the (YoY) (Q1) came at +2.4% vs +2.5% and +2.6% last.
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Market pricing 30% odds of a Fed rate hike today - ANZ

The ANZ Research Team notes that the market is pricing around 30% odds of a Fed rate hike later today.
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