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Market News NZD/USD Remains Limited Below 0.6100, with US Services PMI Anticipated

NZD/USD Remains Limited Below 0.6100, with US Services PMI Anticipated

The NZD/USD pair posts modest gains near 0.6095 in the early Asian session on Tuesday. In light of the robust economy, Bostic stated that the Fed is not under any immediate pressure to reduce interest rates. China is scheduled to host a preeminent annual political event, which could alleviate concerns regarding the state of the Chinese economy.

TOP1 Markets Analyst
2024-03-05
12658

 NZD:USD 2.png

 

On Tuesday morning, the NZD/USD pair remains limited below the 0.6100 level during the early Asian session. This week, financial markets will exercise prudence in anticipation of economic data and policy guidance. Later in the day, the US ISM Services PMI for February is anticipated. Presently trading near 0.6095, the pair is up 0.02% for the day.

 

In light of the robust economy and labor market, Atlanta Fed President Raphael Bostic stated that the Federal Reserve (Fed) is not under any immediate pressure to reduce interest rates. Additionally, Bostic stated that the Federal Reserve will likely be justified in authorizing two quarter-point rate reductions by the conclusion of the current year. As the economy remains robust, San Francisco Fed President Mary Daly stated that central bank officials are prepared to reduce interest rates if necessary, but emphasized that there is no pressing need to do so at this time.

 

On Wednesday, investors will place greater reliance on the testimony of Federal Reserve Chair Jerome Powell, which could provide additional insights into a comprehensive assessment of the economy and monetary policy. The hawkish comments could provide the NZD/USD pair with a headwind and cause the USD to appreciate.

 

A crisis in the property sector of the Chinese economy has caused concern regarding the health of the world's second-largest economy. As of Tuesday, market participants will be observing the National People's Congress to see what it has to offer. The development concerning the Chinese government's stimulus plan has the potential to strengthen the New Zealand Dollar (NZD), which serves as a proxy for China, and limit the decline of the NZD/USD pair.

 

In anticipation of the future, the US ISM Services PMI, the final S&P Global Services PMI, Factory Orders, and the RCM/TIPP Economic Optimism Index are all scheduled for release on Tuesday. In addition, M. Barr of the Federal Reserve is scheduled to speak. The NZD/USD pair might obtain a distinct direction from these occurrences.

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