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Market News NZD/USD Trades Below 0.6150 with a Slight Positive Bias as Chinese Trade Balance Data Approaches

NZD/USD Trades Below 0.6150 with a Slight Positive Bias as Chinese Trade Balance Data Approaches

The NZD/USD pair posts modest gains near 0.6130 in the early Asian session on Thursday. Powell stated that the number of rate decreases he anticipates later this year will be contingent on the state of the economy. It may begin to reduce rates earlier than anticipated if the Federal Reserve begins easing later this year, according to RBNZ's Conway.

TOP1 Markets Analyst
2024-03-07
7687

 NZD:USD 2.png

 

During the early Asian session on Thursday, the NZD/USD pair maintained a slight positive bias below the mid-0.6100s. The US Dollar's (USD) decline to multi-week lows subsequent to the initial testimony of Chair Powell offers a degree of assistance to the NZD/USD pair. The pair is trading at 0.6130 at the time of writing, an increase of 0.02% on the day.

 

From 111K in January to 140K in February, ADP private sector employment increased, which was below the market expectation of 150K. In the interim, January JOLTS job openings decreased from 9.026M to 8.863M, which was below the consensus estimate of 8.900M. In February, investors anticipate a 200K increase in US Nonfarm Payrolls (NFP), up from the previous estimate of 353K.

 

Jerome Powell, chairman of the Federal Reserve (Fed), stated during three hours of testimony on Wednesday that interest rate cuts are probable in 2024, but he is unable to specify when. Powell stated that the central bank does not believe it is prudent to reduce the interest rate until it is certain that inflation is approaching 2% in a sustainable manner. The increasing likelihood of a June rate cut by the Federal Reserve depreciates the US dollar and generates a tailwind for the NZD/USD pair.

 

Chief economist at the Reserve Bank of New Zealand (RBNZ), Paul Conway, stated that if the US Federal Reserve begins easing later this year, the central bank may begin to reduce interest rates sooner than anticipated. Conway added that a strengthening of the New Zealand Dollar (NZD) due to Fed rate decreases could alleviate inflationary pressures.

 

Traders will continue to monitor the February Chinese Trade Balance data. The US weekly Initial Jobless Claims, the second testimony by Chair Powell, and the Balance Trade figures are all scheduled for release later in the day. Additionally, L. Mester of the Fed is scheduled to speak.

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