The New Zealand Trade Balance for July was reported at -NZ402M monthly and at -NZ$1,100M 12-month year-to-date. Forex traders can compare this to the New Zealand Trade Balance for June, reported at NZ245M monthly and -NZ280M 12-month year-to-date. Exports for July were reported at NZ5.75B and Imports at NZ6.18B. Forex traders can compare this to Exports for June, reported at NZ5.96B, and Imports, reported at NZ5.71B.
The German IFO Business Climate Index for August is predicted at 100.4. Forex traders can compare this to the German IFO Business Climate Index for July, reported at 100.8. The German IFO Current Assessment Index for August is predicted at 100.8. Forex traders can compare this to the German IFO Current Assessment Index for July, reported at 100.4. The German IFO Expectations Index for August is predicted at 100.0. Forex traders can compare this to the German IFO Expectations Index for July, reported at 101.2.
The forecast for the EUR/NZD remains bearish after this currency pair corrected into its descending Ichimoku Kinko Hyo Cloud. Price action may temporarily pause, and volatility can increase, but the longer-term downtrend remains intact.
Will bears pressure the EUR/NZD into an extended sell-off into its horizontal support area?