NZD/USD holds positive ground above 0.6100, eyes on US CPI data

NZD/USD edges higher to 0.6125 despite the stronger US Dollar.
The Federal Open Market Committee (FOMC) meeting begins its two-day meeting on Tuesday, with no change expected.
New Zealand’s annual GDP growth number for Q3 is projected to expand by 0.2% from 0.9%.
The US Consumer Price Index (CPI) will be a closely watched event on Tuesday.

Lallalit Srijandorn FXStreet

The NZD/USD pair gains traction during the early Asian session on Tuesday. The pair holds positive ground for the second consecutive day despite the firmer US Dollar (USD). Investors will take cues from the US economic data and the Federal Open Market Committee (FOMC) rate decision ahead of the New Zealand growth numbers on Thursday. The pair currently trades around 0.6125, unchanged for the day.

The Federal Open Market Committee (FOMC) meeting begins its two-day meeting on Tuesday, with no change expected. The market is pricing the FOMC to maintain the interest rate unchanged at 5.25%–5.50% at its December meeting on Wednesday. Ahead of the key event, investors await the US Consumer Price Index (CPI) data for fresh impetus.

The monthly CPI figure is expected to rise 0.1% MoM from 0% and the annual rate is estimated to drop from 3.2% YoY to 3.1%. The annual core CPI, which excludes volatile food and energy prices, is projected to remain steady at 4.0%.

On the other hand, New Zealand's Gross Domestic Product (GDP) for the third quarter (Q3) will be released on Thursday. The annual growth number is projected to expand by 0.2% from 0.9% in the previous reading, while the quarterly growth figure is estimated to grow by 0.5% versus 1.8% prior.

The US Consumer Price Index (CPI) will be due later on Tuesday. Later this week, the Federal Open Market Committee (FOMC) will announce the interest rate decision on Wednesday, and New Zealand GDP growth numbers for Q3 will be due on Thursday. These events could trigger volatility in the market and give a clear direction to the NZD/USD pair.

NZD/USD

Overview
Today last price	0.6126
Today Daily Change	0.0001
Today Daily Change %	0.02
Today daily open	0.6125

Trends
Daily SMA20	0.6091
Daily SMA50	0.5978
Daily SMA100	0.598
Daily SMA200	0.6088

Levels
Previous Daily High	0.6137
Previous Daily Low	0.6104
Previous Weekly High	0.6223
Previous Weekly Low	0.6103
Previous Monthly High	0.6208
Previous Monthly Low	0.5788
Daily Fibonacci 38.2%	0.6124
Daily Fibonacci 61.8%	0.6117
Daily Pivot Point S1	0.6107
Daily Pivot Point S2	0.6089
Daily Pivot Point S3	0.6074
Daily Pivot Point R1	0.614
Daily Pivot Point R2	0.6155
Daily Pivot Point R3	0.6173

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.

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