NZD/USD hits three-day high despite US data and Fed hike expectations – by christianborjon NZDUSD Currencies Majors
gh data from the United States further cemented the case for a Federal Reserve hike, the New Zealand Dollar advances steadily. At the time of writing, the NZD/USD is trading at 0.6182.The US Department of Commerce revealed that inflation in the United States decelerated, with the Personal Consumption Expenditure slowing from 5.1% to 4.2% in YoY readings, while for a monthly basis, edged to 0.1%, below the prior's month 0.3%.
Another piece of the puzzle that added to inflationary pressures standing still is the Employment Cost Index revealed by the US Department of Labor. The ECI rose from 1.1% in the previous quarter to 1.2% in Q1, 2023. In other data, the University of Michigan Consumer Sentiment remained unchanged at 63.5. Inflation expectations for 1-year stood at 4.6%, and for a 5-year horizon at 3%., which measures the performance of six currencies against the American Dollar , has erased some of its earlier gains and remains above its opening price by 0.10%< at 101.583.
On the New Zealand front, the ANZ Roy Morgan Consumer Confidence Index improved to 79.3 in April from 77.7 in March of 2023, though it remained at low levels as people remained concerned about elevated pricesFrom a technical perspective, the NZD/USD is still in a downtrend though it has recovered some ground. The 20-day Exponential Moving Average at 0.6187 would be the first resistance that buyers will test as they aim toward 0.6200.
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