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Market News NZD/USD Maintains Its 0.6300 Level In Advance Of China's Caixin PMI Data

NZD/USD Maintains Its 0.6300 Level In Advance Of China's Caixin PMI Data

The NZD/USD pair trades on a sour note near 0.6313 due to the unfavourable economic data from China. The Chinese NBS Manufacturing PMI for December decreased from 49.4 to 49.0, which was below expectations. The markets anticipate a quarter-point reduction by the Federal Reserve to commence its easing cycle in March. On Tuesday, market participants anticipate the Caixin Manufacturing PMI for December and the US S&P Global Manufacturing PMI.

TOP1 Markets Analyst

2024-01-02

10561

Tuesday's only trading hours in Asia witnessed the NZD/USD pair edge lower. The Chinese economic data, which fell short of expectations, provides a certain degree of depreciating sentiment for the New Zealand Dollar (NZD). As of press time, the pair is trading at 0.6313, representing a daily loss of 0.13%.

Sunday, the National Bureau of Statistics (NBS) of China released data indicating that the country's NBS Manufacturing Purchasing Managers' Index (PMI) declined from 49.4 to 49.0 in December, missing the market estimate of 49.5 from November. In contrast, the NBS Non-Manufacturing PMI decreased from 50.2 in November to 50.4 in December, falling short of expectations of 50.5.

China has encountered an elevated risk of deflation, necessitating a substantial infusion of fiscal and monetary stimulus measures in 2024. The unfavourable developments pertaining to the Chinese economy may exert pressure on the New Zealand Dollar (NZD), which serves as a proxy for China, and hinder the NZD/USD pair.

An alternative viewpoint is that the expectation that the United States Federal Reserve (Fed) will reduce interest rates in 2024 could limit the pair's decline. In order to maintain pace with declining inflation, the markets anticipate that the Fed will commence its easing cycle with a quarter-point reduction in March, followed by similar reductions in May and June.

Traders will then concentrate on the December Caixin Manufacturing PMI from China and the Tuesday S&P Global Manufacturing PMI from the United States. The focus will transition to the minutes of the Federal Open Market Committee (FOMC) on Wednesday. On Friday, the US Nonfarm Payrolls (NFP) report, which is widely anticipated, will be made public. In the NZD/USD pair, defeat females might maintain a distinct trajectory.