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Market News The NZD/USD Lost Momentum Below 0.6200 In The Wake Of The New Zealand GDP Report

The NZD/USD Lost Momentum Below 0.6200 In The Wake Of The New Zealand GDP Report

The NZD/USD pair retreats near 0.6175 in response to the weaker New Zealand GDP data. The economy of New Zealand contracted by 0.3% QoQ in the third quarter, compared to 0.5% the previous quarter, which was below the 0.2% forecast. As anticipated, the Federal Reserve (Fed) maintained interest rates unchanged at its December meeting on Wednesday. Traders will be preoccupied with the weekly US Retail Sales and Jobless Claims.

TOP1 Markets Analyst

2023-12-14

11032

The NZD/USD pair maintains its position near 0.6175 following a rejection near 0.6200 on Thursday morning during the Asian trading session. The unfavorable GDP growth figures for New Zealand depreciate the New Zealand Dollar (NZD). As investors process the results of the Federal Reserve meeting, the pair's downside appears to be limited.

As reported by Statistics New Zealand on Thursday, the country's economy contracted by 0.3% quarter-over-quarter in the third quarter (Q3), as opposed to the 0.2% expansion that was anticipated and the 0.5% increase that was previously estimated. Furthermore, the annual GDP experienced a decline of 0.6% in comparison to the 1.5% expansion observed in the second quarter, which was below the 0.5% increase anticipated by the market. As a result of the information, there are purchasers of the Kiwi relative to the USD.

The US dollar (USD) has experienced a significant depreciation subsequent to the Federal Reserve (Fed) meeting. As anticipated, the central bank maintained interest rates unchanged at its December meeting. As opposed to two, the Federal Reserve now expects three rate declines in the coming year, as indicated by interest rate projections. As inflation declines, the probability that the Federal Reserve will reduce interest rates prior to the midpoint of the following year has grown.

Fed Chair Jerome Powell stated at a press conference that the fight against inflation is far from over, but that policymakers at central banks will begin to consider policy relief in light of labor market and inflationary trends that are beginning to moderate. Powell's dovish remarks exert a certain degree of selling pressure on the USD.

Ahead of Thursday's close, market participants will closely monitor the US weekly unemployment claims and retail sales figures for November. The Business NZ Purchasing Managers' Index (PMI) and the US S&P Global PM are both scheduled for release on Friday. In the vicinity of the NZD/USD pair, traders will identify trading opportunities based on these indicators.