- NZD/USD has slipped below 0.6430 despite stable NZ labor data.
- Volumes are returning in the Fx domain after a quiet Asian session.
- The DXY is attempting to establish above 103.50 ahead of the Fed’s policy.
The NZD/USD pair has surrendered its entire intraday gains after Statistics New Zealand reported the Unemployment Rate at 3.2%. The NZ jobless rate has come in line with the market consensus and prior print. The asset has tumbled below 0.6430 and is likely to remain vulnerable ahead of the Federal Reserve (Fed)’s monetary policy.
Flat Unemployment data printed by Statistics New Zealand seems encouraging amid a lower growth rate on a broader note. It is worth noting that the NZ administration is consistently maintaining the full employment levels. Also, the Employment Change has been recorded at 0.1%, similar to the forecasts, which indicates a tight labor market. Moreover, the yearly Labor Cost Index has jumped to 3.1% from the previous print of 2.8%. Higher wage prices along with consistent Employment Change and jobless rate dictate a healthy labor market, which bolsters the odds of one more rate hike by the Reserve Bank of New Zealand (RBNZ) in its next monetary policy meeting.
On the dollar front, the US dollar index (DXY) has managed to sustain above 103.50 as volumes are returning to the Fx domain after a quiet Asian session. Investors are facing anxiety attacks ahead of the interest rate decision announcement by the Federal Reserve (Fed). The roadmap of balance sheet reduction and guidance on the remaining five monetary policy committee (MPC) meetings will remain in focus.
|Today last price||0.643|
|Today Daily Change||-0.0013|
|Today Daily Change %||-0.20|
|Today daily open||0.6443|
|Previous Daily High||0.6476|
|Previous Daily Low||0.641|
|Previous Weekly High||0.6646|
|Previous Weekly Low||0.6451|
|Previous Monthly High||0.7035|
|Previous Monthly Low||0.6451|
|Daily Fibonacci 38.2%||0.6451|
|Daily Fibonacci 61.8%||0.6435|
|Daily Pivot Point S1||0.641|
|Daily Pivot Point S2||0.6377|
|Daily Pivot Point S3||0.6344|
|Daily Pivot Point R1||0.6476|
|Daily Pivot Point R2||0.6509|
|Daily Pivot Point R3||0.6542|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.