The NZD/USD pair is slightly up by 0.08% at 0.6160 in Wednesday’s early American session.
NZD/USD generates moderate gains as the US Dollar drops despite easing Fed rate cut expectations for June. The RBNZ has projected that inflation will rise by 0.8% in the first quarter of this year. Investors await the US Retail Sales data for fresh guidance.
The NZD/USD pair is slightly up by 0.08% at 0.6160 in Wednesday’s early American session. The Kiwi asset is broadly sideways as investors shift focus to the United States Retail Sales data for February, which will be published on Thursday. The Retail Sales will indicate the strength in households’ spending, which feeds the consumer price inflation. The US Dollar is inches down to 102.80 despite easing expectations for the Federal Reserve to reduce interest rates in the June policy meeting. The CME Fedwatch tool shows that traders see a 65% chance for the Fed to announce rate cuts in June, which was above 72% before the release of February’s inflation report. Meanwhile, easing New Zealand inflation expectations are expected to bring some relief for households. Latest forecasts from the Reserve Bank of New Zealand show that consumer prices will rise by 0.8% in the quarter to March period. The annual inflation is projected to decline to 4.2% from 4.7% in the last quarter of 2023. The RBNZ is expected to keep interest rates higher for longer as current price pressures are significantly higher than the desired rate of 2%. NZD/USD trades back and forth from almost two months, ranging between 0.6037-0.6218 on a four-hour timeframe. A prolonged consolidation indicates indecisiveness among market participants. The 14-period Relative Strength Index trades in a 40.00-60.00 range, which indicates a sharp volatility contraction. Going forward, a downside move below February 13 low near 0.6050 would expose the asset to the psychological support of 0.6000, followed by November 9 high at 0.5956. On the flip side, an upside move would emerge if the asset will break above the round-level resistance of 0.6200, which will drive the asset towards February 22 high at 0.6220, followed by January 11 high at 0.6260. NZD/USD four-hour chart NZD/USD Overview Today last price 0.6155 Today Daily Change 0.0004 Today Daily Change % 0.07 Today daily open 0.6151 Trends Daily SMA20 0.6141 Daily SMA50 0.6143 Daily SMA100 0.6116 Daily SMA200 0.608 Levels Previous Daily High 0.6191 Previous Daily Low 0.6135 Previous Weekly High 0.6218 Previous Weekly Low 0.6069 Previous Monthly High 0.6219 Previous Monthly Low 0.6037 Daily Fibonacci 38.2% 0.6157 Daily Fibonacci 61.8% 0.617 Daily Pivot Point S1 0.6127 Daily Pivot Point S2 0.6103 Daily Pivot Point S3 0.607 Daily Pivot Point R1 0.6183 Daily Pivot Point R2 0.6216 Daily Pivot Point R3 0.624 NZD/USD Overview Today last price 0.6155 Today Daily Change 0.0004 Today Daily Change % 0.07 Today daily open 0.6151 Trends Daily SMA20 0.6141 Daily SMA50 0.6143 Daily SMA100 0.6116 Daily SMA200 0.608 Levels Previous Daily High 0.6191 Previous Daily Low 0.6135 Previous Weekly High 0.6218 Previous Weekly Low 0.6069 Previous Monthly High 0.6219 Previous Monthly Low 0.6037 Daily Fibonacci 38.2% 0.6157 Daily Fibonacci 61.8% 0.617 Daily Pivot Point S1 0.6127 Daily Pivot Point S2 0.6103 Daily Pivot Point S3 0.607 Daily Pivot Point R1 0.6183 Daily Pivot Point R2 0.6216 Daily Pivot Point R3 0.624
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Price Analysis: Retreats from the weekly high to near 1.0770EUR/USD retreats from the weekly high of 1.0789, which was recorded on Monday, snapping a four-day winning streak.
Read more »
NZD/USD IG Client Sentiment: Our data shows traders are now net-short NZD/USD for the first time since Feb 27, 2024 18:00 GMT when NZD/USD traded near 0.62.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.
Read more »
BTC, ETH, XRP, ADA, BNB, DOGE and MATIC Price Analysis for July 3Can cryptocurrency market keep staying bullish for long?
Read more »
Crypto Price Analysis Mar-8: ETH, XRP, ADA, SOL, and BNBCrypto Blog
Read more »
Analysis Firm Reverses Negative Bitcoin Price Prediction Following Spot ETF ApprovalWhile many experts forecast a promising future for Bitcoin in 2024, the focus is also shifting to low-cap coins, the most prominent of which is Bitcoin Minetrix
Read more »
Bitcoin Explodes 11% Weekly but the Chances of a Correction Increase: BTC Price AnalysisCrypto Blog
Read more »