NZD/USD Snaps The Five-Day Winning Streak Above 0.6160, FOMC Minutes Eyed
Image Source: Unsplash
- NZD/USD trades on a softer note near 0.6162 in Wednesday’s early Asian session.
- Investors have priced in four rate cuts in 2024, beginning in June.
- The New Zealand Producer Price Index (PPI) Output Q4 came in at 0.7% QoQ versus 0.8% prior, better than expected.
The NZD/USD pair snaps the five-day winning streak above the mid-0.6100s during the early Asian session on Wednesday. Investors await the FOMC Minutes on Wednesday for fresh impetus. At press time, NZD/USD is trading at 0.6162, losing 0.08% on the day.
The markets are pricing in four rate cuts in 2024, beginning in June. The odds for a 25 basis points (bps) March rate cut had decreased to 34.4%, while the rate cuts in June increased to 55.1%, according to the CME Group FedWatch Tool. The FOMC will release the latest meeting minutes on Wednesday. The minutes of the meeting are likely to offer some hints about what Fed officials considered in their latest meeting to dismiss a March rate cut and the timing for first-rate cuts.
On the other hand, the latest data from Statistics New Zealand on late Tuesday showed that the Producer Price Index (PPI) Output for the fourth quarter (Q4) came in at 0.7% QoQ from 0.8% in the previous reading while the PPI Input figure arrived at 0.9% QoQ versus 1.2% prior. Both figures were better than the expectation.
Moving on, the highlight for traders on Wednesday will be the FOMC Minutes for January 30-31 meeting. Six Fed officials are set to speak on Thursday, with the focus on the Fed governor Christopher Waller's speech. Also, the New Zealand Trade Balance will be due on Thursday. These data could give a clear direction to the NZD/USD pair.
NZD/USD
OVERVIEW | |
---|---|
Today last price | 0.6165 |
Today Daily Change | 0.0015 |
Today Daily Change % | 0.24 |
Today daily open | 0.615 |
TRENDS | |
---|---|
Daily SMA20 | 0.6107 |
Daily SMA50 | 0.6181 |
Daily SMA100 | 0.6079 |
Daily SMA200 | 0.6078 |
LEVELS | |
---|---|
Previous Daily High | 0.6153 |
Previous Daily Low | 0.6122 |
Previous Weekly High | 0.6153 |
Previous Weekly Low | 0.6049 |
Previous Monthly High | 0.6339 |
Previous Monthly Low | 0.6061 |
Daily Fibonacci 38.2% | 0.6141 |
Daily Fibonacci 61.8% | 0.6134 |
Daily Pivot Point S1 | 0.613 |
Daily Pivot Point S2 | 0.6111 |
Daily Pivot Point S3 | 0.61 |
Daily Pivot Point R1 | 0.6161 |
Daily Pivot Point R2 | 0.6172 |
Daily Pivot Point R3 | 0.6192 |
More By This Author:
USD/JPY Price Analysis: Drops Below 150.00 As U.S. Yields Weigh On Us DollarGBP/USD Climbs Amid Optimistic BoE’s UK Economic Outlook
USD/JPY Price Analysis: Extends Downside To 150.00 As USD Index Drops To Weekly Low
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more