NZD/USD still has a long-term downward trend.

Create at 1 year ago (Oct 18, 2023 12:46)

The Consumer Price Index (CPI) of New Zealand increased by 1.8% in the third quarter, but when compared on an annual basis, it stands at 5.6%, which is lower than the previous announcement of 6% and below market expectations. The decreasing inflation rate suggests that investors anticipate the Reserve Bank of New Zealand (RBNZ) to keep interest rates unchanged until the end of next year.

 

The latest data from China's National Bureau of Statistics reveals that China's Gross Domestic Product (GDP) for the third quarter increased by 1.3% on a quarterly basis (QoQ), surpassing expectations of 1%. This development led to a yearly GDP forecast of 4.9%, up from 4.4%. China's strong growth will have implications for New Zealand's exports as well.

 

Federal Reserve policymakers' opinions have also been voiced, with Neel Kashkari, the President of the Minneapolis Fed, stating that the inflation rate is taking longer to ease and remains higher than expected. Meanwhile, Patrick Harper, the head of fixed income at Fidelity, maintained his position that the Fed should keep interest rates steady unless there is a compelling reason.

 

However, the robust retail sales figures in the United States and further input from Fed policymakers will certainly impact the U.S. dollar in the short term and exert pressure on the NZD/USD currency pair.

 

Source: Fxstreet
 
NZD/USD news today

 

Overview
Today last price 0.5906
Today Daily Change 0.0010
Today Daily Change % 0.17
Today daily open 0.5896
 
Trends
Daily SMA20 0.5953
Daily SMA50 0.5942
Daily SMA100 0.6054
Daily SMA200 0.6157
______________________________
Maximize your knowledgeBlog
Keep up to date on global events:News
Explore in-depth analysis: Analysis
 
Tags:

TECHNICAL ANALYSIS

ARTICLES