NZD/USD hovers around 0.6360s in choppy trading, eyeing US CPI
The NZD/USD pair has been printing a series of dojis, implying that neither buyers nor sellers are in control. The market is currently trading at 0.6374 above its opening price after hitting a daily high of 0.6388 as investors brace for the release of the US Consumer Price Index (CPI) data on Thursday this week.
Wall Street is set to finish off with solid gains between 0.56% and 1.24%, which suggests that investors have some confidence in the upcoming CPI report despite estimates pointing towards a drop from 7% to 6%.5%. Excluding volatile item inflation, the core CPI is expected to rise by 0.3%, while annual-based core inflation will likely remain unchanged at
It remains uncertain whether or not these predictions will be met when actual figures are released later this week, but it appears that traders and investors alike are content with waiting until then before taking any decisive action on their positions within the NZD/USD pair due to the lack of clear direction from either buyers or sellers right now.
The World Bank recently revised its global growth forecasts for 2023, and the news has had a major effect on foreign exchange markets. The New Zealand Dollar (NZD) is no exception to this trend, as it remains linked to China’s economy. With China reopening after months of lockdown restrictions due to the pandemic, commodities have experienced an uptick in value that could trigger another leg up if conditions remain favorable.
However, according to ANZ Bank analysts, there are some headwinds that could help curb commodity inflation over the second half of 2023—namely, tighter global monetary policy from central banks around the world. This outlook has been reflected in recent movements with regards to the US Dollar Index, which continues to weaken by 0.05%, though it still hovers near 103 levels at present time.
In light of these developments, traders will likely wait for further economic data releases before making any definitive decisions about NZD/USD pairings going forward. On Wednesday, we’ll get building permit figures from New Zealand, so investors should pay close attention as they may provide valuable insights into future trends with this currency pairing.
NZD/USD Key Technical Levels
| OVERVIEW | |
|---|---|
| Today last price | 0.637 |
| Today Daily Change | -0.0001 |
| Today Daily Change % | -0.02 |
| Today daily open | 0.6371 |
| TRENDS | |
|---|---|
| Daily SMA20 | 0.6324 |
| Daily SMA50 | 0.6235 |
| Daily SMA100 | 0.6043 |
| Daily SMA200 | 0.6219 |
| LEVELS | |
|---|---|
| Previous Daily High | 0.6391 |
| Previous Daily Low | 0.6342 |
| Previous Weekly High | 0.6363 |
| Previous Weekly Low | 0.619 |
| Previous Monthly High | 0.6514 |
| Previous Monthly Low | 0.623 |
| Daily Fibonacci 38.2% | 0.6361 |
| Daily Fibonacci 61.8% | 0.6372 |
| Daily Pivot Point S1 | 0.6345 |
| Daily Pivot Point S2 | 0.6319 |
| Daily Pivot Point S3 | 0.6296 |
| Daily Pivot Point R1 | 0.6394 |
| Daily Pivot Point R2 | 0.6417 |
| Daily Pivot Point R3 | 0.6443 |