NZD/USD dwindles below 0.6260 as bears eye a daily close below the 200/100-DMA – by christianborjon NZDUSD Majors Macroeconomics Technical Analysis
pressures remain. Hence, speculators had begun to push back rate cuts foreseen by the end of 2023 as they began to price-in higherHigh US bond yields underpin the US Dollar after strong US data
Economic data revealed in the United States keep investors nervous, as shown by Wall Street, set to finish with losses. The Producer Price Index for January on a monthly basis, came higher-than-expected, in headline PPI and core PPI, with readings at 0.7% and 0.4%, respectively. Echoing some of the inflationary pressures witnessed in the Bureau of Labor Statistics data, the PhiladelphiaManufacturing Index plummeted severely to -24.3 from -7.
Once data hit the screens, the NZD/USD tumbled and reached a new daily low of 0.6232, before reversing its course, influenced by US Dollar strength. US Treasury bond yields climbed as traders began to price in no cuts by the Federal Reserve in 2023, after CPI and PPI data showed a slight uptick in inflation.
On the New Zealand front, the impact of cyclone Gabrielle would impact the country’s economy, as its damages are pending to be quantified. According to ANZ analysts, “there will be cost pressures as a result of the cyclone. Construction costs, rents, insurance, the cost of food are likely to face further upwards pressure. There is not muchcan do to help in an event like this – that is best managed through fiscal policy which is faster acting and more targeted.
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