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* Kiwi Comeback: The New Zealand dollar has edged higher against the US dollar, driven by stronger-than-expected GDP data for the first quarter. New Zealand’s economy grew by 0.2% quarter-on-quarter in Q1, up from 0% in the previous quarter, surpassing expectations according to Statistics New Zealand’s report on Thursday. On an annual basis, the GDP increased by 0.3% in Q1, compared to a 0.2% contraction in the previous quarter. This stronger GDP growth suggests that New Zealand has exited its recession, attracting buyers to the New Zealand Dollar (NZD). Additionally, the weakening USD also bolstered the Kiwi, as a recent weaker US Retail Sales report has increased the likelihood that the Federal Reserve (Fed) will cut interest rates in the coming months, adding selling pressure on the Greenback.
* Technical Breakout: NZDUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.62050. Conversely, a potential correction is also to be expected and the price could head back towards 0.60800.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, the market’s attention will turn to upcoming U.S. data, including weekly Initial Jobless Claims, Building Permits, Housing Starts, the Philly Fed Manufacturing Index, and a speech by Fed’s Barkin, which is due to be released later in the day. These will provide fresh impetus for market movements.
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Stay updated on US and New Zealand data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
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