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Market News The NZD/USD Extends Its Advance Above 0.6200 As Attention Turns To New Zealand Trade Data

The NZD/USD Extends Its Advance Above 0.6200 As Attention Turns To New Zealand Trade Data

NZD/USD acquires momentum near 0.6224 in response to USD weakness. The Business NZ PSI for New Zealand increased from 48.9 in the previous reading to 51.2 in November. Sunday, Goolsbee of the Federal Reserve stated that it is premature to declare victory in the fight against inflation. Market participants will be on the lookout for Tuesday's US housing data and New Zealand's trade balance.

TOP1 Markets Analyst

2023-12-18

9086

Monday morning during the early Asian trading session, the NZD/USD pair maintains its six-day winning streak. The pair reaches its greatest level in months as a result of the weakening US dollar. Presently, NZD/USD is trading near 0.6224, an increase of 0.20% for the day.

The most recent data released by Business NZ on Monday indicated that the Business NZ Performance of Services Index (PSI) for New Zealand entered expansion territory in November, increasing from 48.9 to 51.2. Furthermore, the New Zealand Westpac-McDermott Miller Consumer Confidence Index reached its greatest level in two years, 88.9, in the fourth quarter (Q4) 2023. Consequently, the New Zealand Dollar (NZD) appreciates, providing a tailwind for the NZD/USD pair.

In contrast, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, stated on Sunday that it is premature to declare triumph over the inflation battle and that economic data will determine whether interest rates are reduced. In addition, Atlanta Fed President Raphael Bostic stated that if inflation falls as anticipated, the Fed could commence interest rate cuts in the third quarter of 2024.

Tuesday will see the issuance of Trade Data and the NZ Business Confidence survey. Additionally, on Tuesday, housing data for the United States, including housing starts and building permits, will be disclosed. In the vicinity of the NZD/USD pair, traders will identify trading opportunities based on these indicators.