NZD/USD remains under selling pressure below 0.6000, US PCE data looms

NZD/USD edges lower to 0.5970 amid stronger USD and dovish comments from RBNZ.
The US economy grew faster than expected in the fourth quarter (Q4).
RBNZ’s Orr said the central bank is on course to get inflation back into the target band, rate cuts are getting closer.
The US February Core PCE will be in the spotlight on Friday.

Lallalit Srijandorn FXStreet

The NZD/USD pair remains under some selling pressure near 0.5970 after retracing from the 0.6000 barrier during the Asian session on Friday. The dovish comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr weigh on the New Zealand Dollar (NZD). Investors await the release of US February Personal Consumption Expenditures (PCE) data on Friday for fresh catalysts.

The US economy expanded faster than expected in the fourth quarter (Q4), owing to robust consumer spending and corporate investment, according to the third estimate released by the Bureau of Economic Analysis on Thursday. The final US Gross Domestic Product (GDP) for Q4 grew at an annual rate of 3.4% from the previous 3.2% estimate. The US Dollar (USD) edges higher following the stronger-than-expected data.

On the Kiwi front, the RBNZ Governor Orr said the central bank is on track to getting inflation back into the target band while adding that interest rates have peaked and cuts are getting closer. The RBNZ indicated that it may cut rates from early next year. However, investors have priced in cuts from August this year. This, in turn, drags the NZD lower and acts as a headwind for the NZD/USD pair.

The US Core PCE data will be released later on Friday, which is estimated to show an increase of 0.3% MoM and 0.8% YoY in February. If the report showed firmer readings, this could boost the USD. The Fed’s Chair Jerome Powell and Fed Bank of San Francisco President Mary Daly are set to speak later on Friday.

GBP/USD

Overview
Today last price	1.2624
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2624

Trends
Daily SMA20	1.2719
Daily SMA50	1.2678
Daily SMA100	1.2653
Daily SMA200	1.259

Levels
Previous Daily High	1.2655
Previous Daily Low	1.2586
Previous Weekly High	1.2804
Previous Weekly Low	1.2575
Previous Monthly High	1.2773
Previous Monthly Low	1.2518
Daily Fibonacci 38.2%	1.2612
Daily Fibonacci 61.8%	1.2629
Daily Pivot Point S1	1.2588
Daily Pivot Point S2	1.2553
Daily Pivot Point S3	1.252
Daily Pivot Point R1	1.2657
Daily Pivot Point R2	1.269
Daily Pivot Point R3	1.2726

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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