The post NZD/USD hovers below 0.6350 amid stable US Dollar, Chicago PMI eyed appeared on BitcoinEthereumNews.com.

NZD/USD receives upward support amid stable US Dollar. The New Zealand Dollar cheers on the possibility of RBNZ delaying policy easing. The decline in US bond yields put pressure on the Greenback. Softer US data increases the likelihood of the rate cuts by the Fed in early 2023. NZD/USD posts gains after registering losses in Thursday’s session, trading higher around 0.6340 during the Asian session on Friday. The New Zealand Dollar (NZD) demonstrates strength as the Reserve Bank of New Zealand (RBNZ) is expected to potentially delay policy easing. This sentiment is reinforced by the releases of improved Consumer Confidence and Business Confidence data for November. New Zealand’s Gross Domestic Product (GDP) data showed contraction in the third quarter, indicating the impact of the higher RBNZ’s policy rates in the country. Governor Adrian Orr’s careful strategy and recognition of upcoming challenges, especially in dealing with high inflation, underscore the intricacies of steering through the economic scenario. Moreover, ANZ analysts predict that a worldwide resurgence in risk appetite, coupled with the advantageous interest rate differential of the NZD, will fuel upward momentum into 2024. The US Dollar (USD) faces challenges against the Kiwi Dollar (NZD) as the softer economic data from the United States (US) increases the likelihood of the US Federal Reserve (Fed) taking a more accommodative stance in its monetary policy decisions in early 2024. The Greenback might have faced some resistance as Initial Jobless Claims unexpectedly rose higher than anticipated, reaching 218K for the week ending on December 23, surpassing the market’s expectation of 210K. Additionally, Pending Home Sales for November turned flat at 0.0%, falling short of the anticipated 1.0% increase. The upcoming Chicago Purchasing Managers’ Index (PMI) for December, is set to be released on Friday. This adds another layer to our understanding of economic conditions…

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Filed under: News - @ December 29, 2023 4:08 am