NZD/USD firms up near 0.6280 after improved Kiwi data, US Data eyed


  • NZD/USD extends its gains on bullish sentiment despite a stable US Dollar.
  • Kiwi Consumer Confidence improved to 93.1 from 91.9 prior.
  • Chicago Fed President Austan Goolsbee mentioned that the market's enthusiasm for interest rate trajectory exceeded realistic expectations.

NZD/USD continues its winning streak that began on December 11, edging higher around 0.6280 during the early European session on Wednesday. The improved Kiwi Consumer Confidence data reinforces the strength of the New Zealand Dollar (NZD) against the US Dollar (USD). ANZ – Roy Morgan Consumer Confidence for November rose to 93.1 from the previous figures of 91.9.

Additionally, the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr expressed surprise at unexpectedly subduing New Zealand's GDP data. However, he refrained from offering a definitive opinion on its implications for the interest rate outlook. Orr noted that there is still a considerable journey ahead, especially considering persistently high inflation levels.

The US Dollar Index (DXY) trades higher around 102.20 despite downbeat US Treasury yields. The 2-year and 10-year yields on US bond coupons tick lower at 4.38% and 3.89%, respectively. The DXY faced downward pressure on a dovish sentiment surrounding the US Federal Reserve (Fed), indicating the potential for rate cuts in early 2024.

In a Wednesday morning interview with Fox TV, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, cautioned that the market's enthusiasm for potential interest rate cuts has exceeded realistic expectations. Goolsbee also noted that if inflation continues to decrease, the Fed may reevaluate the extent of its restrictions.

US Housing Starts outperformed expectations, reaching 1.56 million and surpassing the market consensus set at 1.36 million. However, Building Permits experienced a slight dip, registering at 1.46 million, just below the projected 1.47 million. Investors are anticipated to closely observe the changes in Existing Home Sales and the results of the CB Consumer Confidence survey scheduled for Wednesday.

NZD/USD: more levels to watch

Overview
Today last price 0.6283
Today Daily Change 0.0016
Today Daily Change % 0.26
Today daily open 0.6267
 
Trends
Daily SMA20 0.6149
Daily SMA50 0.6005
Daily SMA100 0.5981
Daily SMA200 0.6089
 
Levels
Previous Daily High 0.6274
Previous Daily Low 0.6205
Previous Weekly High 0.6287
Previous Weekly Low 0.6084
Previous Monthly High 0.6208
Previous Monthly Low 0.5788
Daily Fibonacci 38.2% 0.6248
Daily Fibonacci 61.8% 0.6231
Daily Pivot Point S1 0.6223
Daily Pivot Point S2 0.6179
Daily Pivot Point S3 0.6154
Daily Pivot Point R1 0.6292
Daily Pivot Point R2 0.6318
Daily Pivot Point R3 0.6362

 

 

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