NZD/USD consolidates in a narrow range around 0.6160 ahead of ANZ Business Confidence


  • NZD/USD consolidates in a tight range between 0.6150- 0.6165.
  • The June's US Personal Consumption Expenditures (PCE) Price Index decreased to 3% from 3.8% in May.
  • The New Zealand job market data, the US Nonfarm Payrolls remain in the spotlight this week.

The NZD/USD pair oscillates in a narrow range in the early Asian session. The downtick in the Kiwi is supported by the strengthening of the US Dollar across the board following the strong US Q2 Gross Domestic Product (GDP) and the robust June Durable Goods Orders data. NZD/USD currently trades around 0.6155, gaining 0.11% for the day. 

On Friday, the US Bureau of Economic Analysis reported that June's Personal Consumption Expenditures (PCE) Price Index decreased to 3% from 3.8% in May. This report fell short of the market's expectation of 3.1%. Meanwhile, the Federal Reserve's preferred measure of inflation, the Core PCE Price Index, came in at 4.1% annually, down from 4.6% in May and below market expectations of 4.2%. While, Personal Income and Personal Spending MoM increased 0.3% and 0.5%, respectively.

That said, the Reserve Bank of New Zealand (RBNZ) maintained the official cash rate (OCR) unchanged at 5.50% in the July meeting on July 12, which triggered further downside on the Kiwi. Market participants will focus on the Q2 Employment data on Wednesday. New Zealand's unemployment rate has remained at record lows. If labor market conditions worsen, the RBNZ will likely maintain interest rates at 5.5% at its next monetary policy meeting in August.

Looking ahead, July's New Zealand ANZ Activity Outlook and ANZ Business Confidence will be due later in the day. Also, New Zealand will release job market data on Wednesday. Market participants will focus on the US employment data. The JOLTS Job Openings report, ADP Private Employment, Weekly Jobless Claims, and Unit Labour Cost will be released later this week. The week's key event is the Nonfarm Payrolls report, due on Friday. The economy is expected to have created 180,000 jobs, with the unemployment rate remaining 3.6%. This data could give the NZD/USD pair a clear direction.

 

NZD/USD

Overview
Today last price 0.6158
Today Daily Change 0.0008
Today Daily Change % 0.13
Today daily open 0.615
 
Trends
Daily SMA20 0.6229
Daily SMA50 0.6168
Daily SMA100 0.6198
Daily SMA200 0.6219
 
Levels
Previous Daily High 0.6195
Previous Daily Low 0.612
Previous Weekly High 0.6274
Previous Weekly Low 0.612
Previous Monthly High 0.625
Previous Monthly Low 0.599
Daily Fibonacci 38.2% 0.6149
Daily Fibonacci 61.8% 0.6166
Daily Pivot Point S1 0.6115
Daily Pivot Point S2 0.608
Daily Pivot Point S3 0.604
Daily Pivot Point R1 0.619
Daily Pivot Point R2 0.623
Daily Pivot Point R3 0.6265

 

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