NZD/USD clings to near 0.5950, Business NZ PSI falls back into contraction

Fonte Fxstreet
15/04/2024 05:41
  • NZD/USD rebounds from five-month lows despite hawkish tone surrounding the Fed.
  • Business NZ PSI decreased to 47.5 for March, from the previous reading of 52.6.
  • Fed Kansas President Lorie K. Logan will speak in a panel discussion at the BoJ-IMF conference on Monday.

NZD/USD rebounds from a five-month low of 0.5927 reached on Monday, hovering around 0.5950 during the Asian trading hours. The New Zealand Dollar (NZD) might have faced a struggle as New Zealand’s services sector fell back into contraction during March. Business NZ Performance of Services Index (PSI) report posted a reading of 47.5 for March, as compared to 52.6 prior.

According to BNZ’s Senior Economist Doug Steel, when today’s weak PSI activity is combined with last week’s similarly weak PMI activity, the composite reading suggests that GDP could decline by more than 2% compared to year-earlier levels. This projection is significantly weaker than what most analysts are forecasting.

Furthermore, market participants will likely closely observe a slew of key data from top trading partner China on Tuesday, including Q1 Gross Domestic Product (GDP) readings and Retail Sales and Industrial Output for March. Traders will shift their focus to the release of New Zealand’s Consumer Price Index (CPI) data on Wednesday.

On the other side, the Federal Reserve (Fed) seems to reevaluate its monetary easing plans due to ongoing US inflation and robust macroeconomic indicators. Core US Producer Price Index (PPI) report showed on Thursday, an increase of 2.4% YoY in March. The market was expecting a rise to 2.3% from 2.1% prior.

Market participants are expected to closely watch the US Retail Sales figures due to be released on Monday. Additionally, Federal Reserve Bank of Kansas President Lorie K. Logan will participate in a panel discussion at the BoJ-IMF conference on Monday.

NZD/USD

Overview
Today last price 0.5947
Today Daily Change -0.0033
Today Daily Change % -0.55
Today daily open 0.598
 
Trends
Daily SMA20 0.6011
Daily SMA50 0.6082
Daily SMA100 0.6136
Daily SMA200 0.6065
 
Levels
Previous Daily High 0.6011
Previous Daily Low 0.5933
Previous Weekly High 0.6079
Previous Weekly Low 0.5933
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5963
Daily Fibonacci 61.8% 0.5981
Daily Pivot Point S1 0.5938
Daily Pivot Point S2 0.5897
Daily Pivot Point S3 0.586
Daily Pivot Point R1 0.6016
Daily Pivot Point R2 0.6053
Daily Pivot Point R3 0.6094

 

 

Isenção de responsabilidade: Apenas para fins informativos. O desempenho passado não é indicativo de resultados futuros.
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