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Market News NZD/USD Treads Water To Extend Its Winning Trend, Trades Above 0.5900, And Focuses On U.S. Economic Data

NZD/USD Treads Water To Extend Its Winning Trend, Trades Above 0.5900, And Focuses On U.S. Economic Data

Before the publication of US macroeconomic data, the NZD/USD consolidates near 0.5910. The US Dollar (USD) was weakened by the decline in US Treasury yields. Optimism regarding China is strengthening the NZD/USD pair.

TOP1 Markets Analyst
2023-08-29
7587

NZD:USD 2.png 

 

During Tuesday's Asian session, the NZD/USD pair treads water near 0.5910 to extend its winning streak. The pair strengthened due to the weakening US Dollar (USD), following gains in U.S. and European equities as US Treasury yields declined.

 

The US Dollar Index (DXY), which measures the Greenback versus a basket of currencies, is trading lower around 103.95 prior to the release of US economic data. Later in the North American session, these datasets include Jolts Job Openings, Housing Price Index, and Consumer Confidence.

 

In addition, the decline in US Treasury yields is undermining the US Dollar (USD) due to the cautious sentiment after US Federal Reserve (Fed) Chairman Jerome Powell advocated at the Jackson Hole Symposium for supporting "higher for longer" interest rates.

 

Beijing's implementation of fiscal measures to stimulate its economy is boosting the NZD/USD pair as a result of the positive sentiment surrounding China. The Chinese government decided over the weekend to reduce the stamp duty on stock trading by 0.1%. Moreover, investors are presently focused on US Commerce Secretary Gina Raimondo's four-day trip to Beijing, which aims to strengthen commercial ties between the United States and China.

 

During the week, the market participants will likely also track the US Core Personal Consumption Expenditures (PCE) Index, weekly Jobless Claims, and Nonfarm Payrolls. New Zealand's Building Permits and ANZ – Roy Morgan Consumer Confidence are also scheduled to be released. These data releases are anticipated to provide valuable insights into the economic outlook of both nations, potentially influencing NZD/USD trading decisions.


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