– NZD/USD loses traction near 0.6110 despite the softer US Dollar.
– The US preliminary PMI report for January came in stronger than expected.
– The New Zealand Consumer Price Index (CPI) came in at 5.6% YoY in Q4 vs.4.7% prior, in line with expectations.
– Traders will closely watch the flash Gross Domestic Product (GDP) Annualized for Q4.
The NZD/USD pair loses ground during the early Asian session on Thursday.The pair has retreated from the weekly highs of 0.6149 and hovered around 0.6110.The downside of the pair might be limited, backed by news of further stimulus in China by the PBoC.Investors will take cues from the Q4 flash US GDP growth numbers, weekly Initial Claims, and Durable Goods Orders, due on Thursday.
The US Composite PMI for January beat expectations, coming in at 52.3 versus 50.9 prior.The Services PMI rose to 52.9 from 51.4 in the previous reading, better than the expectation of 51.0.The Manufacturing PMI improved to 50.3 in January from 47.9 in December, marking the first time it has been above 50 in three months.
On the Kiwi front, the New Zealand
Consumer Price Index (CPI) eased from 5.6% to 4.7% YoY in Q4, in line with expectations.
The Core CPI, excluding food, fuel, and energy fell to 4.1% YoY from the previous reading of 5.2%.New Zealand’s inflation slowed in the final three months of 2023, though not enough to prompt the Reserve Bank of New Zealand (RBNZ) to seriously consider an interest rate cut anytime soon.
Late Wednesday, the People’s Bank of China (PBoC) announced a deep cut to bank reserves in a move that will inject about $140 billion of cash into the banking system and send a strong signal of support for a faltering stock market and fragile economy.The development surrounding more stimulus measures from China might lift the China-proxy New Zealand Dollar (NZD).
Later on Thursday, the flash Gross Domestic Product (GDP) Annualized for Q4 will be due, which is estimated to expand by 2.0%.Also, the weekly Initial Jobless Claims and Durable Goods Orders will be released on Thursday.
NZD/USD
|Overview|
|Today last price||0.6109|
|Today Daily Change||0.0021|
|Today Daily Change %||0.34|
|Today daily open||0.6088|
|Trends|
|Daily SMA20||0.6215|
|Daily SMA50||0.6176|
|Daily SMA100||0.6045|
|Daily SMA200||0.6088|
|Levels|
|Previous Daily High||0.6118|
|Previous Daily Low||0.6062|
|Previous Weekly High||0.6249|
|Previous Weekly Low||0.6088|
|Previous Monthly High||0.641|
|Previous Monthly Low||0.6084|
|Daily Fibonacci 38.2%||0.6097|
|Daily Fibonacci 61.8%||0.6083|
|Daily Pivot Point S1||0.6061|
|Daily Pivot Point S2||0.6033|
|Daily Pivot Point S3||0.6005|
|Daily Pivot Point R1||0.6117|
|Daily Pivot Point R2||0.6145|
|Daily Pivot Point R3||0.6173|
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Recommended content
Editors’ Picks
AUD/USD seems to have moved into a consolidative phase
[]https://www.fxstreet.com/currencies/audusd
AUD/USD added to Tuesday’s uptick, although its price action remained stuck within a rangebound theme despite the favourable risk-on mood.
AUD/USD News
EUR/USD regains some shine prior to ECB
[]https://www.fxstreet.com/currencies/eurusd
EUR/USD advances markedly after two daily pullbacks in a row, although a convincing breakout of the 1.0900 barrier remains elusive for the time being.
EUR/USD News
Gold plunges with renewed US Dollar demand
[]https://www.fxstreet.com/markets/commodities/metals/gold
Gold came under bearish pressure and turned negative on the day below $2,020 in the American session on Wednesday.Upbeat PMI readings from the US helped the benchmark 10-year US Treasury bond yield retrace its daily decline and weighed on XAU/USD.
Gold News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC defies respectable correction, restores above $40,000
Bitcoin (BTC) price is attempting a recovery barely 24 hours after speculation of a “respectable correction” that was expected to send BTC to the $35,000 range.Ethereum (ETH) price is yet to heed BTC’s cue, while Ripple (XRP) appears to have bottomed out.
Read more
Tomorrow is the big day: The ECB meeting and the US releasing Q1 GDP
The Bank of Canada meets today but no change is forecast.
We also get the US flash purchasing managers indices, but tomorrow is the big day, with the ECB meeting and the US releasing Q1 GDP, which will contain data on consumption and thus on inflation.
