The NZD/USD pair recovers some lost ground and reclaims the 0.5900 mark during the early Asian trading hours on Monday. The absence of economic data o
n the US economic calendar and declining US Treasury bond yields weighed on the USD, providing support for the NZD/USD pair. The pair currently trades near 0.5901, gaining 0.31% on the day.
New Zealand’s Manufacturing Sales for the second quarter improved to 2.9% versus a 2.1% drop in the previous reading, Statistics New Zealand reported last week. Additionally, the ANZ Commodity Price for August fell to 2.9% from a 2.6% drop in July. The nation’s Terms of Trade Index improved to 0.4% in the second quarter, compared to a decline of 1.5% in the previous reading and an expected drop of 1.3%.
Apart from this, the fear of China’s deflation erased as the Chinese inflation data improved in August. This, in turn, lifts the China-proxy New Zealand Dollar against the Greenback. Data released on Saturday revealed that Chinese inflation, measured by the for August came in at 0.1% YoY versus a 0.3% drop in the previous reading, a worse-than-expected 0.2% rise. The monthly figure came in at 0.3%, as expected. Finally, the Producer Price Index declined 3.0% YoY from a 4.
Across the pond, the encouraging US economic data last week lends support to the higher for longer interest rate narrative in the US. The markets have priced in a 93% chance of a rate hold at the September meeting and a 43.5% chance of a rate hike at the November meeting, according to the CME FedWatch Tool. The hawkish stance from the Federal Reserve could boost the US Dollar and act as a headwind for the NZD/USD pair.
Later this week, the US Consumer Price Index for August and Retail Sales will be released on Wednesday and Thursday, respectively. There will be no top-tier economic data released from the New Zealand docket. However, the Chinese Retail Sales and Industrial Production data due on Friday might influence the Kiwi. Traders will take a cue from the figures and find trading opportunities for
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