NZD/USD FORECAST AND NEWS
NZD/USD edges higher as upbeat New Zealand data offsets cautious US Dollar tone
NZD/USD rises toward 0.5894, snapping a two-day losing streak while holding within weekly range. Stronger NZ Business PMI and higher RBNZ inflation expectations support the Kiwi. DXY trades flat ahead of US consumer sentiment data, as weak US indicators fuel Fed rate cut bets.
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Fundamental Overview
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EUR/USD deflates to three-day lows around 1.1130
The euro remains under heavy pressure on Friday, with EUR/USD retreating toward the 1.1130 level to hit new three-day troughs. Despite a weaker reading in the U-Mich index in May, the US Dollar found support as inflation expectations ticked higher.
GBP/USD slips back to 1.3250 on USD-buying
GBP/USD recedes to the mid-1.3200s on Friday session, as the Greenback regains ground against the broadeer risk-linked universe. Supporting the upside in the US Dollar comes a rise in US consumer inflation expectations, according to the latest data from the U-Mich survey.
USD/JPY Price Forecast: Finds temporary support near 145.00
USD/JPY gains temporary ground near 145.00 as the US Dollar recoups initial gains. The Japanese economy contracted by 0.2% in the first quarter of the year. Investors await the flash US Michigan survey data for May.
Gold looks depressed below $3,200
Gold reversed course on Friday, falling sharply below the $3,200 mark after Thursday’s strong rally. The retreat came as a resurgent US Dollar and easing geopolitical tensions weighed on demand for the safe-haven metal. Furthermore, XAU/USD remained under pressure and is on track to log its biggest weekly loss of the year.
WTI falls to near $61.00, weekly gains capped by global oversupply concerns
West Texas Intermediate Oil price continues its losing streak for the third successive session, trading around 61.10 per barrel during the early European hours on Friday. However, crude Oil prices are set for a modest weekly gain, supported by renewed optimism over United States-China trade relations, which outweighed ongoing concerns about global oversupply.
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INFLUENTIAL INSTITUTIONS AND PEOPLE FOR THE NZD/USD
The Reserve Bank of New Zealand (RBNZ)
The Reserve Bank of New Zealand (RBNZ) is New Zealand's central bank. Its primary role is to “give people, communities and businesses the confidence to spend, borrow and save money” by maintaining a sound and efficient monetary and financial system. The RBNZ achieves this by managing inflation to keep prices stable, regulating banks and finance companies, producing New Zealand’s banknotes and coins and operating effective wholesale payment and settlement systems.
The official website, on X and YouTubeThe Federal Reserve (Fed)
The Federal Reserve (Fed) is the central bank of the United States (US) and it has two main targets: to maintain the unemployment rate at its lowest possible levels and to keep inflation around 2%. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the partially appointed Federal Open Market Committee (FOMC). The FOMC organizes eight scheduled meetings in a year to review economic and financial conditions. It also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth.
Fed official website, on X and FacebookRBNZ Governor Adrian Orr
Adrian Orr is the Governor of the Reserve Bank of New Zealand. He was appointed in March 2018 and was reappointed for a second five-year term effective from March 2023. He graduated from the University of Waikato in 1983 with a Bachelor of Social Sciences, majoring in Economics and Geography. He also holds a Master’s Degree in Development Economics from the University of Leicester, England. Orr has also served as Chair of the International Forum of Sovereign Wealth Funds and Chair of the Pacific Pension and Investment Institute.
Fed Chairman Jerome Powell
RBNZ NEWS & ANALYSIS
FED NEWS & ANALYSIS
About NZD/USD
The pair indicates how many US Dollars (USD) are required to purchase one New Zealand Dollar (NZD). Often seen as a minor currency, its relevance stems from New Zealand’s strong commercial ties with its neighbor, Australia, and China. The New Zealand Dollar is commonly referred to as 'the Kiwi', named after the bird that symbolizes New Zealand.