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NZD/USD maintains position above 0.5950 after trimming recent gains, US PCE inflation eyed

  • NZD/USD has trimmed its recent gains following weaker data from New Zealand released on Friday.
  • The ANZ–Roy Morgan Consumer Confidence declined to 92.9 in May, down from 98.3 in April, weakening consumer sentiment.
  • The US Dollar struggles after the Court of Appeals temporarily allowed Trump's tariffs to take effect.

NZD/USD holds ground after trimming daily gains, trading around 0.5960 during the Asian hours on Friday. The pair offered its gains after weaker economic data was released from New Zealand. Traders will likely observe the US April Personal Consumption Expenditures (PCE) Price Index report, scheduled to be released on Friday.

The ANZ–Roy Morgan Consumer Confidence fell to 92.9 in May, down from 98.3 in April, dampening consumer sentiment, driven by the stubborn high inflation expectations. This scenario continues to weigh on household sentiment. The seasonally adjusted Building Permits depreciated by 15.6% month-on-month in April, as compared to a previous increase of 10.7% (revised from 9.6%) in March.

The NZD/USD pair may regain its ground as the US Dollar (USD) continues to suffer after the release of mixed United States (US) economic data on Thursday. Additionally, the Greenback lost its ground after the US Court of Appeals for the Federal Circuit in Washington temporarily allowed the most sweeping of President Donald Trump's tariffs on Thursday. On Wednesday, a three-judge panel at the Court of International Trade in Manhattan blocked Trump tariffs from taking effect.

The preliminary Gross Domestic Product Annualized fell by 0.2% in the Q1, less bad than the expected decline of 0.3%. Personal Consumption Expenditures (PCE) remained consistent at a 3.6% increase quarter-over-quarter in Q1, as expected. Meanwhile, Core PCE rose 3.4% QoQ against the expected 3.5% increase.

US Initial Jobless Claims for the week ending May 24 rose to 240K, worse than the previous week’s 226K (revised from 227K). This figure came in above the market consensus of 230K. Additionally, Continuing Jobless Claims rose by 26K to reach 1.919M for the week ending May 17.

New Zealand Dollar PRICE Today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Australian Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.16%0.12%-0.20%0.12%0.29%-0.02%-0.02%
EUR-0.16%-0.01%-0.39%-0.04%0.17%0.15%-0.18%
GBP-0.12%0.01%-0.37%-0.01%0.19%-0.02%-0.15%
JPY0.20%0.39%0.37%0.32%0.59%0.34%0.25%
CAD-0.12%0.04%0.01%-0.32%0.26%-0.01%-0.14%
AUD-0.29%-0.17%-0.19%-0.59%-0.26%-0.02%-0.34%
NZD0.02%-0.15%0.02%-0.34%0.01%0.02%-0.32%
CHF0.02%0.18%0.15%-0.25%0.14%0.34%0.32%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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