The NZD/USD pair builds on this week's solid recovery from the 0.5850 area, or its lowest level since early November 2023 and gains positive traction for the fourth successive day on Friday.
A combination of supporting factors pushes NZD/USD higher for the fourth straight day. Diminishing odds for a rate cut by RBNZ , stronger Chinese inflation data boosts the Kiwi. Dovish Fed expectations and the upbeat mood weigh on the USD and remain supportive. The NZD/USD pair builds on this week's solid recovery from the 0.5850 area, or its lowest level since early November 2023 and gains positive traction for the fourth successive day on Friday.
Meanwhile, the NZD/USD pair's positive move could also be attributed to some technical buying above the 0.6000 psychological mark. Nevertheless, spot prices remain on track to register strong gains for the second straight week as the focus now shifts to the crucial RBNZ rate decision and the US consumer inflation figures, both due on Wednesday. The key central bank event risk and the US macro data should provide a fresh directional impetus to spot prices.
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