NZD/USD rises to near 0.5950 on improved risk appetite

Source Fxstreet
Apr 25, 2024 04:47
  • NZD/USD gains momentum as investors express optimism regarding the de-escalation of tensions between Israel and Iran.
  • The higher US Treasury yields could help in limiting the losses of the US Dollar.
  • US GDP Annualized (Q1) is expected to grow at a slower rate in the first quarter.

The NZD/USD pair moves in the positive direction, trading around 0.5940 during the Asian session on Thursday. The risk-sensitive New Zealand Dollar (NZD) gains momentum as risk appetite improves. Investors are optimistic about the resolution of conflicts between Iran and Israel, following a statement by an Iranian official suggesting no immediate plans for retaliation against Israeli airstrikes, as reported by Reuters.

The China Securities Journal reported on Tuesday that the People's Bank of China (PBoC) plans to reduce the Medium-term Lending Facility (MLF) rate to decrease funding costs during the next MLF rate setting scheduled for May 15. Lower MLF rates in China could stimulate economic activity and boost consumer spending, which may lead to increased demand for New Zealand goods and services in the Chinese market.

The US Dollar Index (DXY), which measures the US Dollar (USD) against six major currencies, depreciated following mixed manufacturing data from the United States (US). However, the Greenback's losses were somewhat offset by slight gains in US Treasury yields.

According to the US Department of Commerce's report on Wednesday, US Durable Goods Orders rose 2.6% month-over-month (MoM) in March, surpassing the previous reading of 0.7% and beating the estimated 2.5%. However, core goods, excluding transportation, increased 0.2% MoM, falling short of the expected 0.3%.

On Thursday, the preliminary Gross Domestic Product Annualized (Q1) data for the United States (US) is set to be released, with expectations of a growth rate slowdown. These GDP figures will offer insights into the strength of the US economy and could influence future actions by the Federal Reserve (Fed).

NZD/USD

Overview
Today last price 0.594
Today Daily Change 0.0005
Today Daily Change % 0.08
Today daily open 0.5935
 
Trends
Daily SMA20 0.5961
Daily SMA50 0.6052
Daily SMA100 0.6117
Daily SMA200 0.605
 
Levels
Previous Daily High 0.5958
Previous Daily Low 0.592
Previous Weekly High 0.5954
Previous Weekly Low 0.5851
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5944
Daily Fibonacci 61.8% 0.5935
Daily Pivot Point S1 0.5917
Daily Pivot Point S2 0.5899
Daily Pivot Point S3 0.5879
Daily Pivot Point R1 0.5956
Daily Pivot Point R2 0.5976
Daily Pivot Point R3 0.5994

 

 

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