NZD/USD loses gains above the mid-0.6200s, eyes on US housing data

NZD/USD loses ground around 0.6261 in the Asian session on Wednesday.
RBNZ Governor Adrian Orr said that they were surprised by GDP data last week, indicating the economy shrank.
Investors anticipate the Fed to keep rates steady at its January meeting but could start cutting rates as soon as March.
US Existing Home Sales will be released later on Wednesday.

Lallalit Srijandorn FXStreet

The NZD/USD pair snaps its seven-day winning streak during the Asian session on Wednesday. However, the downside of the pair might be limited due to the ongoing US Dollar (USD) weakness and lower US Treasury bond yields. At press time, the pair is trading at 0.6261, losing 0.09% on the day.

Early Wednesday, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said that they were surprised by GDP data last week indicating the economy shrank but has no opinion yet on what it means for the interest rate outlook. He added that the New Zealand GDP data was surprisingly subdued while mentioning that there's still a long way to go as the inflation remains too high.

Furthermore, the People's Bank of China decided to leave the one-year and five-year Loan Prime Rate (LPR) unchanged on Wednesday at 3.45% and 4.20%, respectively.

On the USD’s front, The Federal Reserve (Fed) Chairman Jerome Powell said that it’s premature to declare victory over inflation or discuss the timing of rate cuts. However, he noted that the Core inflation rose just a 2.5% annual rate in the past six months and not far above the central bank's 2% inflation target. According to the CME FedWatch Tool, the market anticipates the Fed to keep its benchmark rate steady at its January meeting, but could start cutting rates as soon as March.

Moving on, market participants will monitor the US Existing Home Sales, due later on Wednesday. In the absence of top-tier economic data released from New Zealand’s docket this week, the NZD/USD pair remains at the mercy of the USD price.

NZD/USD

Overview
Today last price	0.6265
Today Daily Change	-0.0002
Today Daily Change %	-0.03
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

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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