• NZD/USD has sensed a marginal selling pressure as NZ Retail Sales have dropped to 0.4% vs. 0.5% as projected.
  • NZ Retail Sales has landed higher against its prior release but might not delight RBNZ policymakers.
  • The RBNZ sees interest rates peaking around 5.5% by September 2023.

The NZD/USD pair has shown a marginal impact of a decline in New Zealand Retail Sales data against the consensus. The Kiwi asset has slipped below 0.6260 after auctioning sideways in the early Tokyo session. The NZ Retail Sales data for the third quarter has landed at 0.4% vs. the expectations of 0.5% but has remained significantly higher than the prior release of -2.3%.

A positive Retail Sales figure might be supportive of the New Zealand Dollar but won’t delight the Reserve Bank of New Zealand (RBNZ). The central bank is putting its blood and sweat to curtail inflationary pressures. The price rise index displayed a historic surge in the third quarter and a decline in consumer demand could bring a slowdown in inflation.

A rise in Retail Sales is not going to incentivize manufacturers and service providers to look for a halt in price growth or a decline. This may put more pressure on RBNZ Governor Adrian Orr to continue with extremely restrictive policy measures.

This week, the RBNZ hiked its Official Cash Rate (OCR) by 75 basis points (bps). Earlier, the central bank was hiking its OCR by a 50 bps rate. This has pushed its OCR to 4.25%. As price pressures have not displayed any sign of exhaustion nor a peak has been found yet, the regime of an ‘extreme hawkish’ stance will continue further. Also, the RBNZ has provided a peak for interest rates at 5.5% by September 2023.

Meanwhile, the US dollar index (DXY) is displaying a sideways performance as trading activity remained light on Thursday due to the holiday on account of Thanksgiving Day. The risk profile is still positive and has not displayed signs of caution yet.

NZD/USD

Overview
Today last price 0.6265
Today Daily Change 0.0017
Today Daily Change % 0.27
Today daily open 0.6248
 
Trends
Daily SMA20 0.5993
Daily SMA50 0.5832
Daily SMA100 0.6018
Daily SMA200 0.6305
 
Levels
Previous Daily High 0.625
Previous Daily Low 0.613
Previous Weekly High 0.6206
Previous Weekly Low 0.6062
Previous Monthly High 0.5874
Previous Monthly Low 0.5512
Daily Fibonacci 38.2% 0.6204
Daily Fibonacci 61.8% 0.6176
Daily Pivot Point S1 0.6168
Daily Pivot Point S2 0.6089
Daily Pivot Point S3 0.6048
Daily Pivot Point R1 0.6289
Daily Pivot Point R2 0.6329
Daily Pivot Point R3 0.6409

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to recovery gains below 1.0400 ahead of German inflation

EUR/USD clings to recovery gains below 1.0400 ahead of German inflation

EUR/USD is holding onto recovery gains below the 1.0400 mark heading in early Europe. The renewed sell-off in the US Dollar amid the China reopening optimism underpins the Euro. Focus shifts to ECB-speak and Germany's inflation data. 

EUR/USD News

GBP/USD retreats from daily highs, holds above 1.2000

GBP/USD retreats from daily highs, holds above 1.2000

GBP/USD has lost its bullish momentum and retreated toward 1.2000 during the European trading hours on Tuesday. With the upbeat market mood not allowing the US Dollar to gather strength, however, the pair stays in positive territory ahead of US data, Bailey testimony.

GBPUSD News

Gold recovery needs acceptance above $1,760

Gold recovery needs acceptance above $1,760

Gold price picks up bids to reverse the previous day’s losses amid cautious optimism in the financial markets. Easing in China Covid numbers, efforts to defend reality sector join downbeat US Dollar to favor Gold buyers. Hopes of more positives from China signal further upside. 

Gold News

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

XRP price shows that it is taking its sweet time to overcome and sustain above a crucial resistance level. It could catalyze a quick run-up.

Read more

Hawkish Fed speak adds to macro headwinds

Hawkish Fed speak adds to macro headwinds

St. Louis Fed President James Bullard said in an online event that the Fed will need to hike rates into next year and that there is still "a ways to go" before a policy is "restrictive."

Read more

Forex MAJORS

Cryptocurrencies

Signatures