NZD/USD attracts some sellers below 0.5900 following New Zealand employment data
01.05.2024, 00:56

NZD/USD attracts some sellers below 0.5900 following New Zealand employment data

  • NZD/USD remains under some selling pressure around 0.5880 on Wednesday. 
  • The New Zealand Unemployment Rate in Q1 2024 climbed to 4.3% from 4.0% in Q4. 
  • Traders will monitor the Fed rate decision on Wednesday, with no change in rate expected. 

The NZD/USD pair attracts some sellers near 0.5880 on Wednesday during the early Asian session. The Kiwi edges lower following the worse-than-expected New Zealand employment data. Additionally, the cautious mood in the market ahead of the US Federal Reserve's (Fed) interest rate decision on Wednesday remains to underpin the Greenback for the time being. 

The unemployment rate in New Zealand rose sharply in the first quarter of this year as the economy suffered an extended recession amid high-interest rates conditions. Statistics New Zealand revealed on Wednesday that the nation’s Unemployment Rate climbed to 4.3% in Q1 from 4.0% in Q4, compared to the market estimation of 4.2%. Meanwhile,  Employment Change figure declined by 0.2% in Q1 from a 0.4% rise in the previous reading, worse than the expectation of a 0.3% increase.

The rise in the jobless rate might convince the Reserve Bank of New Zealand (RBNZ) to hold the rate high for a longer period to cool inflation. Markets expect the RBNZ to maintain a restrictive Official Cash Rate, and rate cuts are unlikely to be delivered until 2025.

On the other hand, the US Fed is widely expected to leave rates unchanged in its current 5.25%–5.50% range on Wednesday. The recent hotter-than-expected inflation and robust US economic data triggered speculation that the US central bank might delay the interest rate cut. Investors will keep an eye on the tone of the FOMC statement and press conference. Any hawkish comments from the Fed might strengthen the Greenback and attract more inflows, while the dovish tone might exert some selling on the USD and create a tailwind for the NZD/USD. 

NZD/USD

Overview
Today last price 0.5882
Today Daily Change -0.0005
Today Daily Change % -0.08
Today daily open 0.5887
 
Trends
Daily SMA20 0.5956
Daily SMA50 0.6036
Daily SMA100 0.6109
Daily SMA200 0.6044
 
Levels
Previous Daily High 0.5982
Previous Daily Low 0.5885
Previous Weekly High 0.597
Previous Weekly Low 0.5886
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.5922
Daily Fibonacci 61.8% 0.5945
Daily Pivot Point S1 0.5854
Daily Pivot Point S2 0.5821
Daily Pivot Point S3 0.5757
Daily Pivot Point R1 0.5951
Daily Pivot Point R2 0.6015
Daily Pivot Point R3 0.6048

 


 

 

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