NZD/USD consolidates in a narrow range around 0.6160 ahead of ANZ Business Confidence

NZD/USD consolidates in a tight range between 0.6150- 0.6165.
The June's US Personal Consumption Expenditures (PCE) Price Index decreased to 3% from 3.8% in May.
The New Zealand job market data, the US Nonfarm Payrolls remain in the spotlight this week.

Lallalit Srijandorn FXStreet

The NZD/USD pair oscillates in a narrow range in the early Asian session. The downtick in the Kiwi is supported by the strengthening of the US Dollar across the board following the strong US Q2 Gross Domestic Product (GDP) and the robust June Durable Goods Orders data. NZD/USD currently trades around 0.6155, gaining 0.11% for the day.

On Friday, the US Bureau of Economic Analysis reported that June's Personal Consumption Expenditures (PCE) Price Index decreased to 3% from 3.8% in May. This report fell short of the market's expectation of 3.1%. Meanwhile, the Federal Reserve's preferred measure of inflation, the Core PCE Price Index, came in at 4.1% annually, down from 4.6% in May and below market expectations of 4.2%. While, Personal Income and Personal Spending MoM increased 0.3% and 0.5%, respectively.

That said, the Reserve Bank of New Zealand (RBNZ) maintained the official cash rate (OCR) unchanged at 5.50% in the July meeting on July 12, which triggered further downside on the Kiwi. Market participants will focus on the Q2 Employment data on Wednesday. New Zealand's unemployment rate has remained at record lows. If labor market conditions worsen, the RBNZ will likely maintain interest rates at 5.5% at its next monetary policy meeting in August.

Looking ahead, July's New Zealand ANZ Activity Outlook and ANZ Business Confidence will be due later in the day. Also, New Zealand will release job market data on Wednesday. Market participants will focus on the US employment data. The JOLTS Job Openings report, ADP Private Employment, Weekly Jobless Claims, and Unit Labour Cost will be released later this week. The week's key event is the Nonfarm Payrolls report, due on Friday. The economy is expected to have created 180,000 jobs, with the unemployment rate remaining 3.6%. This data could give the NZD/USD pair a clear direction.

NZD/USD

Overview
Today last price	0.6158
Today Daily Change	0.0008
Today Daily Change %	0.13
Today daily open	0.615

Trends
Daily SMA20	0.6229
Daily SMA50	0.6168
Daily SMA100	0.6198
Daily SMA200	0.6219

Levels
Previous Daily High	0.6195
Previous Daily Low	0.612
Previous Weekly High	0.6274
Previous Weekly Low	0.612
Previous Monthly High	0.625
Previous Monthly Low	0.599
Daily Fibonacci 38.2%	0.6149
Daily Fibonacci 61.8%	0.6166
Daily Pivot Point S1	0.6115
Daily Pivot Point S2	0.608
Daily Pivot Point S3	0.604
Daily Pivot Point R1	0.619
Daily Pivot Point R2	0.623
Daily Pivot Point R3	0.6265

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

AUD/USD hangs close to monthly lows, still defends 0.7100 ahead of Fed decision

AUD/USD retains its negative bias for the third straight day, defending 0.7100 while trading close to a monthly low in Wednesday's Asian session on Wednesday. The US Dollar stands firm near a two-week high as the anticipated Fed rate hike and oil-driven inflation fears continue to push US bond yields to a multi-year high. Furthermore, escalating Middle East tensions benefit the safe-haven buck and weigh on the risk-sensitive Aussie.

USD/JPY holds firm above 155.00, awaits Fed policy announcements

USD/JPY climbs to a fresh one-week high above 155.00 in the Asian session on Wednesday amid a bullish US Dollar. Oil-driven inflation fears, along with the anticipated Fed rate hike, continue to support surging US bond yields. Moreover, rising US-Iran tensions underpin the USD's reserve currency status. The pair, however, remains below the mid-155.00s as bulls seem hesitant ahead of the Fed decision later today and the BoJ meeting, starting on Thursday.

Gold defends key $4,280 support ahead of Fed verdict

Gold is attempting another run above $4,300 early Wednesday, replicating a tepid bounce seen in Tuesday’s Asian trading. Gold’s next major directional move depends on the US Federal Reserve monetary policy decision and outlook due later in the day.

Ethereum continues to attract capital despite impending rate hike and Clarity Act failure

Ethereum declined to $2,400 on Tuesday after the Clarity Act failed to progress in the Senate. Despite that and the market's near certainty of an interest rate hike at the next Federal Reserve (Fed) meeting, the top altcoin has continued to attract fresh capital. Ethereum buyers have been dominating sellers over the past few days.

August UK inflation report expected to show rising inflation

The United Kingdom Office for National Statistics will publish the highly anticipated Consumer Price Index data for August on Wednesday at 06:00 GMT. The inflation report could trigger volatility in the British Pound, as it comes just one day before the Bank of England monetary policy decision.

How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.