NZD/USD depreciates amid risk aversion due to geopolitical tensions, trades near 0.5880

Source Fxstreet
Apr 16, 2024 03:30
  • NZD/USD extends its losing streak as traders adopt cautious stance amid anticipation of Israel's response to Iran's assault.
  • US Retail Sales (MoM) rose by 0.7% in March, against the expected 0.3% and 0.9% prior.
  • US Dollar extends gains on amplified expectations of the Fed maintaining higher policy rates for an extended period.

NZD/USD depreciates to near 0.5880 during the Asian trading session on Tuesday, as investors turn toward the US Dollar (USD) seeking refuge amid escalated geopolitical tensions in the Middle East. Traders await Israel’s response to Iran’s airstrike over the weekend. Additionally, traders are awaiting New Zealand's Consumer Price Index (CPI) data for the first quarter of 2024, scheduled for release on Wednesday. Market expectations suggest a slight uptick to 0.6% quarter-on-quarter, compared to the previous period's 0.5%.

The Chinese and Iranian foreign ministers recently engaged in a phone conversation, during which the Iranian foreign minister conveyed Iran's willingness to exercise restraint and expressed no desire to escalate the current situation further, as per Chinese state media. Additionally, China vehemently condemns and firmly opposes the recent attack on the Iranian embassy in Syria, deeming it a serious breach of international law and categorizing it as 'unacceptable'.

The New Zealand Dollar (NZD) fails to take any response from the mixed Chinese data, considering the two nations are close trading partners. China’s Gross Domestic Product (GDP) rose by 1.6% QoQ in the first quarter of 2024, against the previous quarter’s increase of 1.0%. GDP year-over-year rose by 5.3%, exceeding the expected 5.0% and 5.2% prior. Meanwhile, China’s Industrial Production (YoY) increased by 4.5% in March, against the market expectations of 5.4% and 7.0% prior

On the other side, the US Dollar (USD) gained strength as Retail Sales surpassed expectations, denting hopes for potential monetary policy easing by the Federal Reserve (Fed). March's Retail Sales (MoM) surged by 0.7%, outpacing forecasts of 0.3%. February's figure was also revised upward from 0.6% to 0.9%. The Retail Sales Control Group climbed by 1.1%, marking a substantial increase from the previous 0.3%. Investors are now eyeing upcoming US housing data due on Tuesday, as well as Fed Chair Jerome Powell's speech at the Washington Forum.

NZD/USD

Overview
Today last price 0.5875
Today Daily Change -0.0029
Today Daily Change % -0.49
Today daily open 0.5904
 
Trends
Daily SMA20 0.6002
Daily SMA50 0.6079
Daily SMA100 0.6134
Daily SMA200 0.6063
 
Levels
Previous Daily High 0.5954
Previous Daily Low 0.5898
Previous Weekly High 0.6079
Previous Weekly Low 0.5933
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5919
Daily Fibonacci 61.8% 0.5933
Daily Pivot Point S1 0.5884
Daily Pivot Point S2 0.5863
Daily Pivot Point S3 0.5828
Daily Pivot Point R1 0.594
Daily Pivot Point R2 0.5975
Daily Pivot Point R3 0.5996

 

 

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