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Reading: NZD/USD trading sideways near 0.6170-75 level, slightly above Friday’s two-week low.
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Gulf Press > Business > Forex > NZD/USD trading sideways near 0.6170-75 level, slightly above Friday’s two-week low.
Forex

NZD/USD trading sideways near 0.6170-75 level, slightly above Friday’s two-week low.

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Last updated: 2024/09/09 at 4:59 AM
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The NZD/USD pair is currently struggling to attract buyers, as the US Dollar gains positive traction and a softer risk tone prevails in the market. Mixed Chinese inflation figures have failed to provide any significant boost to bullish sentiment for the pair. The fundamental backdrop suggests caution is needed before making aggressive directional bets on the NZD/USD pair.

The US Dollar’s modest uptick in the Asian session is hindering the NZD/USD pair, which is trading near a two-week low. The mixed US jobs data and expectations for a smaller interest rate cut by the Federal Reserve in September are driving investors towards safe-haven assets, including the Greenback. This has limited any significant gains for the risk-sensitive Kiwi against the USD.

The US Nonfarm Payrolls report further fueled concerns about the global economy, leading investors to favor safe-haven currencies like the USD over riskier assets like the NZD. Despite the release of Chinese inflation figures, which showed slight improvement in the Consumer Price Index and decline in the Producer Price Index, the market reaction has been muted.

It remains to be seen whether the USD can maintain its momentum leading up to the Federal Reserve’s policy meeting in September. The current fundamental backdrop suggests that caution is warranted, as strong follow-through selling may be needed to support an extension of the recent corrective decline for the NZD/USD pair from its recent highs.

The Consumer Price Index (CPI) is an important economic indicator released by China’s National Bureau of Statistics that measures changes in the price level of consumer goods and services. The YoY reading compares prices to the same month a year earlier and is used to gauge inflation and changes in purchasing trends. A high CPI reading is considered bullish for the Renminbi (CNY), while a low reading is seen as bearish.

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News Room September 9, 2024
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