NZD/USD posts modest gains below 0.6100 ahead of US Retail Sales data

NZD/USD holds positive ground near 0.6085 amid the USD weakness.
Fed’s Goolsbee said that higher inflation for a few months would still be consistent with a path back to the 2% target.
RBNZ’s Orr said the inflation challenge was not over and highlighted broad financial pressures as a reason for maintaining a tight monetary policy.
Investors await US Retail Sales, the Philly Fed Manufacturing Index, Industrial Production, and weekly Initial Jobless Claims, due on Thursday.

Lallalit Srijandorn FXStreet

The NZD/USD pair posts modest gains during the early Asian session on Thursday. The USD Index (DXY) retreats from the three-month highs near the 105.00 barrier, supported by the improvement in the risk complex, which provides some support to the pair. The Reserve Bank of New Zealand's (RBNZ) Governor Orr's speech on Friday could offer fresh catalysts for the Kiwi. At press time, NZD/USD is trading at 0.6085, adding 0.02% on the day.

Chicago Federal Reserve (Fed) President Austan Goolsbee said that higher inflation for a few months would still be consistent with a path back to the 2% target. He further stated that the central bank needs a string of data before being able to determine whether interest rates will be cut. Additionally, several Fed officials prefer to wait for more evidence of cooling inflation before cutting rates. After remarks by other Fed officials, futures traders no longer expect a rate cut in the next two rate meetings in March and May.

Earlier this week, RBNZ Governor Orr testified before the Finance and Expenditure Committee on Monday. Orr said that inflation remains too high, which is why the central bank decided to keep the cash rate at 5.5%. However, the board aimed to continue to slow it down to around 2%. RBNZ’s Orr further stated that the inflation challenge was still not over and cited broad financial pressure for retaining a “restrictive monetary policy” position.

Moving on, US Retail Sales, the Philly Fed Manufacturing Index, Industrial Production and weekly Initial Jobless Claims will be due on Thursday. Also, the FOMC’s Bostic and Waller are set to speak. On Friday, the RBNZ’s Orr speech and the US Producer Price Index (PPI) will be in the spotlight.

NZD/USD

Overview
Today last price	0.6084
Today Daily Change	0.0025
Today Daily Change %	0.41
Today daily open	0.6059

Trends
Daily SMA20	0.6105
Daily SMA50	0.6183
Daily SMA100	0.6073
Daily SMA200	0.6081

Levels
Previous Daily High	0.6139
Previous Daily Low	0.6049
Previous Weekly High	0.6159
Previous Weekly Low	0.6037
Previous Monthly High	0.6339
Previous Monthly Low	0.6061
Daily Fibonacci 38.2%	0.6084
Daily Fibonacci 61.8%	0.6105
Daily Pivot Point S1	0.6025
Daily Pivot Point S2	0.5992
Daily Pivot Point S3	0.5935
Daily Pivot Point R1	0.6116
Daily Pivot Point R2	0.6173
Daily Pivot Point R3	0.6206

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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