• Thu. May 30th, 2024

NZD/USD hovers around 0.6090 amid risk aversion ahead of US labor data

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  • NZD/USD faces struggles as traders adopt cautious stance before US key data.
  • Fed’s Powell will testify before the US Congress regarding the Semi-Annual Monetary Policy Report on both Wednesday and Thursday.
  • Chinese Services PMI fell to 52.5 in February from 52.7 prior.
  • New Zealand Commodity Prices rose by 3.5% in February, against the previous rise of 2.1%.

NZD/USD trims some of its intraday losses as the NZX 50 Index recovers its daily losses on Monday. The NZD/USD pair hovers around 0.6090 during the Asian session on Tuesday. The pair faces downward pressure on risk-off sentiment ahead of key US economic data this week, including the ISM Services PMI data, ADP Employment Change, and Nonfarm Payrolls for February.

Traders are also keenly awaiting insights into the Federal Reserve’s (Fed) stance and forthcoming policy decisions. Fed Chairman Jerome Powell is scheduled to testify before the US Congress’ House Financial Services Committee regarding the Fed’s Semi-Annual Monetary Policy Report on both Wednesday and Thursday. As per the CME FedWatch Tool, there is a 3.0% probability of a 25 basis points rate cut in March, with the likelihood of cuts in May and June standing at 21.8% and 50.9%, respectively.

ANZ Commodity Prices, released by National Bank ANZ, increased by 3.5% in February, following January’s increase of 2.1%. New Zealand’s Manufacturing Sales for the fourth quarter is anticipated to be released on Thursday.

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr reiterated the central bank’s plan to begin policy normalization in 2025, citing elevated inflation as a reason to maintain restrictive monetary policy for the foreseeable future.

Moreover, China aims for approximately 5% GDP growth in 2024 by prioritizing job creation and risk management. Chinese authorities stress the importance of sustaining proactive fiscal policies and prudent monetary measures. This target could potentially bolster the New Zealand Dollar (NZD), given the close business ties between the two countries, consequently supporting the NZD/USD pair. Additionally, Chinese Services PMI contracted to 52.5 in February from 52.7 in the previous period.

NZD/USD

OVERVIEW
Today last price 0.609
Today Daily Change -0.0005
Today Daily Change % -0.08
Today daily open 0.6095
TRENDS
Daily SMA20 0.6128
Daily SMA50 0.6163
Daily SMA100 0.6098
Daily SMA200 0.6077
LEVELS
Previous Daily High 0.6113
Previous Daily Low 0.6087
Previous Weekly High 0.6201
Previous Weekly Low 0.6076
Previous Monthly High 0.6219
Previous Monthly Low 0.6037
Daily Fibonacci 38.2% 0.6097
Daily Fibonacci 61.8% 0.6103
Daily Pivot Point S1 0.6084
Daily Pivot Point S2 0.6072
Daily Pivot Point S3 0.6058
Daily Pivot Point R1 0.611
Daily Pivot Point R2 0.6124
Daily Pivot Point R3 0.6136

 

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