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Market News NZD/USD Maintains Its Advance Above 0.6100; Attention Turns To US Data

NZD/USD Maintains Its Advance Above 0.6100; Attention Turns To US Data

On Monday, NZD/USD gains territory above the 0.6100 region. On Wednesday, it is anticipated that the Reserve Bank of New Zealand (RBNZ) will maintain its overnight cash rate at 5.50%. New Home Sales data from the United States released on Monday indicated that October demand was dampened by higher mortgage rates. Investors anticipate US economic data prior to the RBNZ's interest rate decision.

TOP1 Markets Analyst
2023-11-28
7322

NZD:USD 2.png 

 

The NZD/USD pair maintains its position above the psychological 0.6100 level throughout Tuesday's early Asian session. The increase in the combination is reinforced by the weakness of the US Dollar (USD). Wednesday's monetary policy meeting of the Reserve Bank of New Zealand (RBNZ) will be the pinnacle of this week. Presently, NZD/USD is trading near 0.6103, an increase of 0.07% on the day.

 

On Wednesday, it is anticipated that the New Zealand central bank will maintain its overnight cash rate at 5.50% for the fourth consecutive meeting. While the precise timing of any potential rate reductions is unknown at this time, conjecture persists regarding a future reduction. In the interim, the New Zealand Dollar (NZD), which serves as a proxy for China, gains some support from the Chinese government's new stimulus plan to stimulate the local economy.

 

On the USD front, housing data from the United States released on Monday indicated that October demand was dampened by higher mortgage rates. As anticipated by 725K, the Census Bureau and the Department of Housing and Urban Development reported that New Home Sales decreased 5.6% month-over-month to 679K in October. In contrast, the Dallas Fed Manufacturing Index for November decreased to -19.9 from -19.2 the previous month. However, the weaker US data exerts pressure on the dollar and provides a tailwind for the pair.

 

Tuesday will feature the US Housing Price Index, the S&P/Case-Shiller Home Price Indices, the CB Consumer Confidence Index, and the Richmond Fed Manufacturing Index, all of which will be closely monitored by traders. On Wednesday, focus will transition to the interest rate decision made by the RBNZ. These occurrences have the potential to incite market volatility and offer a definitive trajectory for the NZD/USD pair.

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