NZD/USD erases some of Tuesday’s losses and hovers around 0.6300 – by christianborjon NZDUSD Majors Currencies
abor market remains tight while manufacturing activity continues to contract. All this in an upbeat mood spurred on China’sUS manufacturing activity slides while inflationary pressures ease
Traders’ mood remains optimistic as high beta currencies rose. The NZD/USD slipped from daily highs around 0.6352 at the release of mixed US economic data. The Institute for Supply Management revealed thatfor December dropped to 48.4, exceeding estimates for a fall to 48.5, extending its downtrend for the second consecutive month.
At the same time, the November US JOLTs reported that vacancies rose to 10.458M, higher than the 10.0M estimated by analysts. October figures were upward revised to 10.512M, almost 200K more than the reported data, further cementing the case for additional Fed action. Meanwhile, Minnesota’s Fed President Neil Kashkari said that it would be appropriate to continue to hike“at least at the next few meetings” until inflation has peaked and foresees the Federal Funds rate at 5.4%. He added that the Fed must avoid cutting the policy rate prematurely and would consider cutting only when it’s convinced inflation is on its way back down to 2%.
Aside from this, the NZD/USD resumed its upward trajectory, though it is seesawing around the 20-day Exponential Moving Average at 0.6301. if the NZD/USD achieves a daily close above the latter, further upside is expected. Contrarily, the NZD/USD might retest the 50-day EMA at 0.6209.An absent New Zealand economic docket would leave traders adrift to US dynamics.
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