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- NZD/USD looks vulnerable above 0.6000 ahead of US Employment and Manufacturing PMI
NZD/USD looks vulnerable above 0.6000 ahead of US Employment and Manufacturing PMI
- NZD/USD is struggling to defend the crucial support of 0.6000 as the USD index is aiming to extend recovery.
- The overall market mood is expected to remain cautious amid the release of the US Employment and Manufacturing PMI.
- Caixin Manufacturing PMI data landed higher at 50.9 vs. the consensus and the prior release of 49.5.
The NZD/USD pair is struggling to defend the psychological support of 0.6000 in the Asian session. The Kiwi asset is expected to test Wednesday’s low around 0.5985 as the USD Index (DXY) is gathering strength for breaking above the immediate resistance of 104.30.
S&P500 futures have generated some decent gains in the Tokyo session, indicating some improvement in the risk appetite of the market participants. The overall market mood is expected to remain cautious amid the release of the United States Employment and ISM Manufacturing PMI (May) data.
As per the consensus, US ISM Manufacturing PMI (May) is expected to soften marginally to 47.0 vs. the former release of 47.1. While the New Orders Index that indicates forward demand is expected to drop to 44.9 from the prior release of 45.7. A figure below 50.0 is considered a contraction in economic activities, which could put some pressure on the USD Index.
The US Dollar Index witnessed an intense sell-off on Wednesday as investors were confident that the US debt-ceiling bill will receive clearance from Congress. For now, the entire focus has shifted to economic indicators, which could keep the USD Index choppy ahead.
The New Zealand Dollar has failed to capitalize on upbeat Caixin Manufacturing PMI data (May). The IHS Markit reported the economic data at 50.9, higher than the consensus and the prior release of 49.5. Investors should note that China’s official Manufacturing data contracted to 48.8 vs. the estimates of 49.4 and the former release of 49.2.
It is worth noting that New Zealand is one of the leading trading partners of China and higher Chinese factory activity might support the New Zealand Dollar.
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