NZD/USD faces a sell-off near the 0.5880 resistance as the US Dollar rebounds strongly. The Kiwi asset retreats as investors rush to the US Dollar. Th
NZD/USD falls back to near 0.5850 amid recovery in the US Dollar. S&P Global reported that the US Manufacturing PMI kisses the 50.0 threshold for the first time since November 2022. This week, the US Q3 GDP and core PCE price index data will be keenly watched. e appeal for the US Dollar improves as investors shift focus to the crucial US economic readings this week. The S&P500 opens on a bullish note as the market mood improves amid a delay in Israel’s ground assault plan in Gaza.
This week, the Q3 Gross Domestic Product and core Personal Consumption Expenditure price index data for September will be keenly watched. Economists expect the US economy to have grown by 4.2% on an annualized basis, doubling the growth rate of 2.1% in the former reading. As per the estimates, annual core PCE decelerated to 3.7% against the former reading of 3.9%. On a monthly basis, the Fed’s preferred inflation gauge expanded at a higher pace of 0.3% vs. 0.1% growth recorded in August.
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