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    NZD/USD depreciates to near 0.5990 following softer Kiwi Consumer Confidence

    Source Fxstreet
    Mar 28, 2024 05:13
    • NZD/USD loses ground on softer Kiwi data released on Thursday.
    • ANZ – Roy Morgan Consumer Confidence fell to 86.4 in February from 94.5 prior.
    • US GDP Annualized is expected to remain consistent at a 3.2% increase in Q4.

    NZD/USD snaps its three-day winning streak, depreciating to near 0.5990 during the Asian hours on Thursday. The New Zealand Dollar (NZD) faces challenges due to the softer-than-expected domestic key economic figures, which in turn, undermine the NZD/USD pair.

    ANZ – Roy Morgan Consumer Confidence decreased to 86.4 in February from 94.5 in the prior month. The index stepped down from January 2022 level highs. Business Confidence fell to 22.9 in March, from the previous reading of 34.7. Kiwi markets will observe Good Friday and Easter Monday.

    At the Boao Forum for Asia (BFA), China's top legislator, Zhao Leji, underscored China's commitment to inclusive economic globalization. He articulated China's opposition to unilateralism and protectionism in all manifestations and expressed a dedication to closely aligning its development with that of other nations.

    The US Dollar (USD) shows subdued momentum as investors await the release of Gross Domestic Product Annualized data for the fourth quarter of 2023 from the United States (US) on Thursday. Furthermore, Personal Consumption Expenditures for February on Friday. The US Dollar Index (DXY) hovers around 104.30. US Treasury yields rebounded after losses in the previous two sessions, supporting the US Dollar.

    Market participants are eagerly awaiting guidance from the Federal Reserve (Fed) on its interest rate trajectory. However, conflicting views among members of the Federal Open Market Committee (FOMC) regarding monetary policy easing are adding to market uncertainty.

    NZD/USD

    Overview
    Today last price 0.5992
    Today Daily Change -0.0012
    Today Daily Change % -0.20
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6091
    Daily SMA50 0.6109
    Daily SMA100 0.6136
    Daily SMA200 0.6074
     
    Levels
    Previous Daily High 0.6011
    Previous Daily Low 0.5987
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6002
    Daily Fibonacci 61.8% 0.5996
    Daily Pivot Point S1 0.5991
    Daily Pivot Point S2 0.5977
    Daily Pivot Point S3 0.5967
    Daily Pivot Point R1 0.6015
    Daily Pivot Point R2 0.6025
    Daily Pivot Point R3 0.6039

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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