NZD/USD clings to mild gains below 0.6100 on upbeat NZ data, softer US Dollar – by anilpanchal7 NZDUSD RiskAversion Macroeconomics CentralBanks Fed
ANZ Commodity Price Index rose past market consensus and prior readings in May.RBA, risk catalysts may entertain intraday traders amid light calendar at home.stays on the buyer’s radar amid the unimpressive Asian session on Tuesday, mildly bid near 0.6080 by the press time. In doing so, the Kiwi pair cheers upbeat data at home and the risk-positive headlines surrounding the US-China ties, as well as the downbeat US data.
Additionally, Reuters came out with headlines suggesting improvement in the US-China relations, by citing Chinese media, amid early Tuesday in Europe. The news quotes, “a frank, constructive and fruitful communication on promoting Sino-US relations and properly managing differences,” between China's Vice Foreign Minister and a senior US State Department official.
Alternatively, mostly downbeat US data contrasts with the comments from International Monetary Fund Managing Director Kristalina Georgieva to prod theamid a light calendar and the Fed blackout period. Additionally, concerns about the need for the US large banks to hold more capital to battle the landing crisis prod the sentiment.
That said, the US ISM Services PMI declined to 50.3 for May versus 51.5 expected and 51.9 prior whereas growth of the Factory Orders also deteriorated during the stated month to 0.4% versus 0.5% market forecasts and 0.9% previous readings. It should be noted that the final readings of S&P Global Composite PMI and Services PMI also marked softer figures for May.
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