NZD/USD holds positive ground below 0.6150, eyes on US NFP data

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  • NZD/USD gains ground around 0.6142 amid the softer US Dollar. 
  • US ISM Manufacturing PMI came in at 49.1 in January vs. 47.1 prior, the highest since October 2022.
  • New Zealand’s Building Permit improved to 3.7% MoM in December from a fall of 10.6% in November.
  • The US Nonfarm Payrolls will be in the spotlight on Friday. 

The NZD/USD pair posts modest gains below the mid-0.6100s during the early Asian session on Friday. The weaker US Dollar (USD) and lower bond yields provide some support for the pair. Investors await the highly anticipated US Nonfarm Payrolls (NFP) data on Friday for fresh impetus. This evening might trigger volatility in the market. At press time, the pair is trading at 0.6142, gaining 0.04% on the day. 

On Thursday, the US ISM Manufacturing PMI grew to 49.1 in January from the previous reading of 47.1, the highest since October 2022. This figure came in better than the market expectation of 47.0. The New Orders index rose into expansionary territory at 52.5, the Production Index grew to 50.4, and the Prices Index climbed to 52.9. 

After the Federal Reserve (Fed) meeting on Wednesday, Chair Powell stated that the FOMC is unlikely to get enough evidence to cut rates in March. The NFP report on Friday will be a closely watched event. The US economy is expected to add 180K jobs in January, following 216K additions last month. The Unemployment Rate is projected to tick up to 3.8%, and Average Hourly Earnings are estimated to show an increase of 0.3% MoM.

The latest data from Statistics New Zealand showed on Friday that the nation’s Building Permit for December improved to 3.7% MoM from a fall of 10.6% in November. Meanwhile, ANZ-Roy Morgan Consumer Confidence came in at 93.6 in December versus 93.1 prior. Investors will take more cues from the New Zealand labor market data next week, which might be the key to the Official Cash Rate (OCR) outlook. 

Looking ahead, market players will keep an eye on the US labor market data, including Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings for January. These figures could give a clear direction to the NZD/USD pair. 

 

 

NZD/USD

Overview
Today last price 0.6143
Today Daily Change 0.0030
Today Daily Change % 0.49
Today daily open 0.6113
 
Trends
Daily SMA20 0.6159
Daily SMA50 0.6189
Daily SMA100 0.6058
Daily SMA200 0.6087
 
Levels
Previous Daily High 0.6175
Previous Daily Low 0.6101
Previous Weekly High 0.615
Previous Weekly Low 0.6061
Previous Monthly High 0.6339
Previous Monthly Low 0.6061
Daily Fibonacci 38.2% 0.6129
Daily Fibonacci 61.8% 0.6147
Daily Pivot Point S1 0.6084
Daily Pivot Point S2 0.6056
Daily Pivot Point S3 0.601
Daily Pivot Point R1 0.6158
Daily Pivot Point R2 0.6204
Daily Pivot Point R3 0.6232

 

 

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