NZD/USD fluctuates in tight range above 0.6600 ahead of NFP

  • US Dollar Index stays near 97.50 ahead of key employment data.
  • Nonfarm Payrolls in US is expected to come in at 164K in December.
  • Broad AUD strength helps NZD stay resilient on Friday.

The NZD/USD pair rose modestly during the Asian trading hours but erased its gains as with the market action turning subdued ahead of the critical labour market data from the United States. As of writing, the pair was virtually unchanged on a daily basis at 0.6615.

The data published by Statistics New Zealand on Friday showed that Total Filled Jobs in November rose to 2.21 million from 2.16 million in New Zealand. Additionally, the AUD/USD pair rose sharply after Retail Sales in Australia rose 0.9% to beat the market expectation of 0.4% and helped the positively correlated NZD/USD pair cling to its gains.

Focus shifts to NFP

In the second half of the day, the US Dollar Index edged higher toward mid-97s ahead of the highly-anticipated Nonfarm Payrolls (NFP) data from the US and forced the pair to erase its gains. Markets expect the NFP to fall to 164,000 from November's impressive 266,000 reading and see the annual wage inflation staying unchanged at 3.1%.

Previewing the data, "we will look towards a 175K headline print. Also, we expect unchanged yearly wage growth of 3.1% with risks skewed towards a slight drop to 3.0%," said Danske Bank analysts. "While this overall is slightly stronger than consensus expectations we would expect but a modest positive market impact if this proves right.”

US NFP Preview: 8 Major Banks expectations from December payrolls report

Technical levels to watch for


Today last price 0.6614
Today Daily Change 0.0003
Today Daily Change % 0.05
Today daily open 0.6611
Daily SMA20 0.6647
Daily SMA50 0.6524
Daily SMA100 0.6432
Daily SMA200 0.6519
Previous Daily High 0.6659
Previous Daily Low 0.6599
Previous Weekly High 0.6756
Previous Weekly Low 0.6643
Previous Monthly High 0.6756
Previous Monthly Low 0.6424
Daily Fibonacci 38.2% 0.6622
Daily Fibonacci 61.8% 0.6636
Daily Pivot Point S1 0.6587
Daily Pivot Point S2 0.6563
Daily Pivot Point S3 0.6527
Daily Pivot Point R1 0.6647
Daily Pivot Point R2 0.6683
Daily Pivot Point R3 0.6707



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