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Market News NZD/USD Fluctuates In a Limited Range Below 0.6080 In Advance Of US NFP Data

NZD/USD Fluctuates In a Limited Range Below 0.6080 In Advance Of US NFP Data

After two days of losses, the NZD/USD pair consolidates between 0.6075 and 0.6090. In advance of the US Nonfarm Payrolls (NFP) report, the dollar's movement is hampered by mixed US data. Investors will intently monitor Friday's US NFP, Average Hourly Earnings report.

TOP1 Markets Analyst

2023-08-04

12561

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In the early Asian session on Friday, the NZD/USD pair oscillates in a tight band below the 0.6080 level. Market participants prefer to sit on the periphery until the day's major events have transpired. The number is anticipated to cause volatility in the foreign exchange markets. The US Dollar Index (DXY), a measure of the value of the USD relative to six other main currencies, currently trades near 102.48, breaking a five-day winning streak.

Initial Jobless Claims rose to 227,000 for the week ending July 29, in line with expectations, according to data released by the US Department of Labour on Thursday. The ISM Service PMI for the month of July decreased to 52.7 from 53.9 previously and was worse than anticipated at 53. Unit Labour Costs for the second quarter came in at 1.6%, lower than the 2.6% that was anticipated.

Friday, investors will take additional signals from US wage inflation and unemployment data. The stronger data could persuade the Federal Reserve (Fed) to raise rates further this year, which is positive for the US Dollar and negative for the NZD/USD pair.

Statistics New Zealand reported on Wednesday that the New Zealand Unemployment Rate for the second quarter came in at 3.6%, exceeding both the consensus estimate of 3.5% and the previous rate of 3.5%. Employment Change Quarter-to-Quarter increased 1.0%, exceeding expectations of 0.5% and the prior increase of 0.8%. The conflicting economic data from New Zealand weakens the NZD/USD risk-barometer pair.

Later in the American session, market participants will intently monitor US Nonfarm Payrolls, the Unemployment Rate, and Average Hourly Earnings. The US economy is projected to generate 200,000 jobs in July, a decrease from the 209,000 jobs created in June, while the unemployment rate is projected to remain unchanged at 3.6%. These events could have a significant impact on the dynamics of the US Dollar and provide distinct direction for the NZD/USD pair.