The New Zealand Dollar (NZD) stages a recovery against the US Dollar (USD) ahead of the weekend as investors' sentiment improved, while the Greenback
improved to 48.9 from 47.9 a month earlier, exceeding estimates but remained in contractionary territory, while the Services PMI dipped to 50.2 from 50.5 in July, below forecasts. The Composite reading, which offers a general view of business activity, was aligned with estimates at 50.1 but trailed August’s 50.2
Aside from this, US central bank officials had been unleashed, with Boston Fed President Susan Collins saying that further tightening is possible, though “patience” is required. Echoing some of her comments was Fed’s Governor Michell Bowman, who was more determined, saying that more rate hikes are needed to control inflation.officials' comments were hawkish, the Greenback failed to gain traction. The US Dollar Index , which measures the buck’s value against its peers, climbs just 0.
On the New Zealand front, data revealed on Friday’s session that consumer confidence weakened in the third quarter regarding the, with the index falling to 80.2 from 83.1. The agenda revealed the Trade Balance showed an improvement in the annual trade deficit to $15.54B for August $-1588B from prior figures.
For the next week, the economic agenda in the US would feature the Conference Board Consumer Confidence, Durable Good Orders, Initial Jobless Claims, and the Fed’s preferred gauge for inflation, the Core PCE. The docket would feature the Business and Consumer Confidence on the NZ front.The pair bottomed out at around 0.5859, and since then, the NZD/USD has staged a comeback despite recent US Dollar strength.
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