NZD/USD remains on the defensive above 0.5900 ahead of the RBNZ rate decision

NZD/USD extends its downside above 0.5900 amid the cautious mood and USD demand.
US JOLTS Job Openings came in above expectations.
The Reserve Bank of New Zealand (RBNZ) is likely to hold the rate unchanged at 5.50% at its October meeting.
Traders await the RBNZ rate decision on Wednesday.

Lallalit Srijandorn FXStreet

The NZD/USD pair remains on the defensive above the 0.5900 area during the early Asian session on Wednesday. Markets turn cautious ahead of the Reserve Bank of New Zealand (RBNZ) monetary policy meeting, with no change expected. The pair currently trades around 0.5906, losing 0.03% on the day.

The US Bureau of Labor Statistics (BLS) revealed in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday that the number of job openings for August stood at 9.6 million from 8.9 million (revised from 8.8 million) in the previous month. The figure came in better than the expectation of 8.8 million by a wide margin. Following the upbeat data, the US Dollar (USD) surged above 107.34 while US Treasury yields traded higher. The 10-year yield reached 4.80%, the highest since 2007.

On Tuesday, Cleveland Federal Reserve President Loretta Mester stated that she is likely to favor an interest rate hike at the next meeting if the current economic situation holds while mentioning that the Fed is likely at or near peak for interest rate target. Meanwhile, Atlanta Fed President Raphael Bostic said he will be patient and there is an urgency for us to do anything more. That said, the better-than-expected US economic data, higher yield, and cautious mood in the market lift the Greenback against its rivals and act as a headwind for the NZD/USD pair.

On the Kiwi front, RBNZ is likely to maintain the key interest rate unchanged at 5.50% for the fourth straight time on Wednesday. According to the interest rate market, the probability of a rate hike in October is approximately 10% and rises to over 50% for the meeting in November. However, the hawkish comments from the statement might limit the New Zealand Dollar's (NZD) downside.

Market participants will closely watch the Reserve Bank of New Zealand (RBNZ) Interest Rate Decision on Wednesday. Later on the day, the attention will shift to the US ADP Employment Change and ISM Services PMI. On Friday, the highly-anticipated US Nonfarm Payrolls will be released.

NZD/USD

Overview
Today last price	0.5903
Today Daily Change	-0.0043
Today Daily Change %	-0.72
Today daily open	0.5946

Trends
Daily SMA20	0.5924
Daily SMA50	0.5983
Daily SMA100	0.6076
Daily SMA200	0.6177

Levels
Previous Daily High	0.6009
Previous Daily Low	0.5943
Previous Weekly High	0.605
Previous Weekly Low	0.5899
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5968
Daily Fibonacci 61.8%	0.5984
Daily Pivot Point S1	0.5923
Daily Pivot Point S2	0.59
Daily Pivot Point S3	0.5857
Daily Pivot Point R1	0.5989
Daily Pivot Point R2	0.6032
Daily Pivot Point R3	0.6055

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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