NZD/USD remains under pressure above 0.5800, US data eyed

NZD/USD loses ground around 0.5821 amid the escalating geopolitical tensions in the Middle East.
Fed Chair Jerome Powell and other officials expressed a desire to hold rates unless inflation rises.
the New Zealand Trade Balance (NZD) came in at $-15.33B YoY in September versus $-15.52B prior.

Lallalit Srijandorn FXStreet

The NZD/USD pair trades in negative territory for the fifth consecutive day during the Asian trading hours on Monday. The escalating geopolitical tensions in the Middle East exert some selling pressure on riskier assets like the New Zealand Dollar (NZD). The pair currently trades around 0.5821, losing 0.15% on the day.

As the FOMC enters its blackout period, Atlanta Federal Reserve (Fed) President Raphael Bostic said on Friday that he doesn't think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged. While Fed Cleveland President Loretta Mester said the US central bank is "at or near the peak of the rate hike cycle. The expectation that the Fed will hold rates high for longer might lift the USD against the Kiwi and act as a headwind for the pair.

On the Kiwi front, the New Zealand markets closed for Labor Day. On Friday, the nation’s Trade Balance (NZD) came in at $-15.33B YoY in September versus $-15.52B prior. Exports eased to $4.87B during the said month versus $4.97B prior whereas Imports dropped to $7.20B compared to $7.24B in previous readings, Statistics New Zealand reported.

In the absence of economic data released from New Zealand’s docket this week, the NZD/USD pair remains at the mercy of USD price dynamics. Traders will focus on the US S&P Global PMI on Tuesday, the first reading of Q3 Gross Domestic Product (GDP) growth on Thursday, and the Core Personal Consumption Expenditures (PCE) on Friday. These figures could give a clear direction to the NZD/USD pair.

NZD/USD

Overview
Today last price	0.5823
Today Daily Change	-0.0007
Today Daily Change %	-0.12
Today daily open	0.583

Trends
Daily SMA20	0.5939
Daily SMA50	0.5932
Daily SMA100	0.6048
Daily SMA200	0.6149

Levels
Previous Daily High	0.5856
Previous Daily Low	0.5817
Previous Weekly High	0.5931
Previous Weekly Low	0.5815
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5832
Daily Fibonacci 61.8%	0.5841
Daily Pivot Point S1	0.5813
Daily Pivot Point S2	0.5795
Daily Pivot Point S3	0.5774
Daily Pivot Point R1	0.5852
Daily Pivot Point R2	0.5873
Daily Pivot Point R3	0.589

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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