NZD/USD advances at around 0.6020 on improved New Zealand Building Permits


  • NZD/USD gains ground as domestic Building Permits showed a notable increase in February.
  • New Zealand’s Building Permits rose by 14.9% MoM in February against the previous decline of 8.6%.
  • US ISM Services PMI fell to 51.4 in March from 52.6 in February.

NZD/USD continues its upward momentum for the third consecutive day, reaching near 0.6020 during the Asian session on Thursday. The seasonally adjusted Building Permits (Month-on-Month) data released by Statistics New Zealand showed improvement, with a notable increase of 14.9% in February and rebounding from the previous decline of 8.6%.

However, the Reserve Bank of New Zealand (RBNZ) cautioned that headline inflation remains outside the desired range of 1% to 3%. Investors are eagerly awaiting the RBNZ's policy meeting scheduled for next week. Additionally, investors are expressing concerns over the potential economic impact of a 7.2 magnitude earthquake that struck Taiwan on Wednesday, particularly on the semiconductor supply chain in New Zealand.

The US Dollar (USD) encountered challenges following the release of mixed economic data from the United States (US), consequently, underpinning the NZD/USD pair. In March, the US ADP Employment Change rose by 184,000, surpassing February's increase of 155,000 and exceeding the market consensus of 148,000. However, the US ISM Services PMI declined to 51.4 from 52.6 in February, falling short of the anticipated level of 52.7.

The US Dollar Index (DXY) struggles as Federal Reserve (Fed) Chair Jerome Powell reiterated the central bank's readiness to implement rate cuts, emphasizing a data-dependent approach. Additionally, Atlanta Fed President Raphael Bostic advocated for a rate cut in the final quarter of 2024. Furthermore, market participants are expected to closely monitor the release of US Initial Jobless Claims for the week ending on March 29, scheduled for Thursday.

NZD/USD

Overview
Today last price 0.6026
Today Daily Change 0.0018
Today Daily Change % 0.30
Today daily open 0.6008
 
Trends
Daily SMA20 0.6059
Daily SMA50 0.6096
Daily SMA100 0.6137
Daily SMA200 0.607
 
Levels
Previous Daily High 0.6012
Previous Daily Low 0.5952
Previous Weekly High 0.6032
Previous Weekly Low 0.5956
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5989
Daily Fibonacci 61.8% 0.5975
Daily Pivot Point S1 0.5969
Daily Pivot Point S2 0.5931
Daily Pivot Point S3 0.5909
Daily Pivot Point R1 0.6029
Daily Pivot Point R2 0.6051
Daily Pivot Point R3 0.6089

 

 

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