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Market News NZD/USD Posts Modest Gains Above The Mid-0.6000s On The Back Of An Impulse To Sell Risk

NZD/USD Posts Modest Gains Above The Mid-0.6000s On The Back Of An Impulse To Sell Risk

Tuesday, the NZD/USD pair trades with modest gains near 0.6077. Members of the FOMC emphasized that early rate decreases are likely inappropriate. December saw a resurgence of the New Zealand Business NZ PSI into contraction, following its peak of six months in November.

TOP1 Markets Analyst
2024-01-23
7969

NZD:USD 2.png

 

On Tuesday morning, the NZD/USD pair posts modest gains above the mid-0.6000s during Asian trading hours. As investors continue to be apprehensive about a potential property sector downturn, a sluggish economy, and subdued investor sentiment in China, the pair's upside remains constrained. The NZD/USD is trading near 0.6077, an increase of 0.03% on the day.

 

Members of the FOMC cautioned that early rate cuts are likely inappropriate and that the committee will require additional assurance that inflation is stabilizing around 2.0% in a sustainable manner prior to implementing interest rate cuts. Mary Daly, president of the San Francisco Federal Reserve Bank, stated on Friday that the Federal Reserve has much work to do to return inflation to the 2% target and that it is imprudent to anticipate interest-rate decreases.

 

Tuesday's release of the most recent data from Business NZ indicated that the Business NZ Performance of Services Index (PSI) for New Zealand decreased from 51.2 in November to 48.8 in December. Stephen Toplis, head of research for The Business NZ, opined that the weakening PSI is detrimental to employment and short-term development in New Zealand.

 

Furthermore, in the midst of a prolonged property crisis, lethargic consumer and business confidence, and poor global growth, concerns continue to surround China's growth momentum. As a result, the China-proxy New Zealand Dollar (NZD) experiences some selling pressure, which functions as a headwind for the NZD/USD pair.

 

In anticipation, the January US Richmond Fed Manufacturing Index is scheduled for release on Tuesday. The focus will be on the Consumer Price Index (Q4) for the fourth quarter of New Zealand on Wednesday. In light of these figures, traders will identify potential trading opportunities in the vicinity of the pair.

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