Forex News

NZD/USD on track to break three-week losing streak, eyes on NFP report

2023.11.03 05:55



The currency pair is looking to end a three-week losing streak, with early trading today seeing the pair slightly lower at $0.5890/95, a narrow range below $0.59 due to softer US equity futures. Despite this minor setback, the pair has been extending gains for the third day in a row, nearing a two-week high above 0.5900.

The recent surge has been driven by a selling bias in USD and upbeat equity markets. A comfortable breach of the 20-Day EMA ($0.5875) has set bullish traders’ targets at the November 2 high ($0.5917) and $0.60 handle, while bears are targeting the 20-Day EMA and $0.58 handle.

Market participants are eagerly awaiting the Non-Farm Payrolls (NFP) report, which is expected to significantly influence the Federal Reserve’s rate decision and hence, the dynamics of USD. Lower US Treasury bond yields, reflecting the market’s rate hike expectations, along with a private-sector survey indicating expansion in China’s business activity, are supporting antipodean currencies such as NZD.

However, concerns over China’s economic slowdown and weak domestic employment figures hinting at an unchanged policy rate by the Reserve Bank of New Zealand (RBNZ) are limiting the rise of NZD/USD.

In political news, the NZ Nationals have lost two seats in the final election result, necessitating support from two parties for government formation. Market watchers will be keeping an eye on important data releases next week, which include Q4 Inflation Expectations, October Manufacturing PMI, and Card Spending data.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,868.42 2.01%
ethereum
Ethereum (ETH) $ 3,477.50 4.09%
tether
Tether (USDT) $ 1.00 0.07%
solana
Solana (SOL) $ 238.54 4.71%
bnb
BNB (BNB) $ 640.82 2.29%
xrp
XRP (XRP) $ 1.44 2.72%
dogecoin
Dogecoin (DOGE) $ 0.400783 5.45%
usd-coin
USDC (USDC) $ 1.00 0.03%
cardano
Cardano (ADA) $ 0.987135 2.01%
staked-ether
Lido Staked Ether (STETH) $ 3,476.58 4.08%
avalanche-2
Avalanche (AVAX) $ 42.57 4.51%
tron
TRON (TRX) $ 0.198117 4.13%
the-open-network
Toncoin (TON) $ 6.20 1.55%
stellar
Stellar (XLM) $ 0.503094 10.97%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.60%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,119.18 4.21%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,465.31 2.16%
polkadot
Polkadot (DOT) $ 8.44 3.17%
chainlink
Chainlink (LINK) $ 17.83 2.01%
weth
WETH (WETH) $ 3,475.67 3.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 503.69 0.95%
sui
Sui (SUI) $ 3.18 5.18%
near
NEAR Protocol (NEAR) $ 6.70 0.92%
pepe
Pepe (PEPE) $ 0.000019 3.73%
leo-token
LEO Token (LEO) $ 8.22 2.79%
litecoin
Litecoin (LTC) $ 94.56 2.14%
uniswap
Uniswap (UNI) $ 11.46 7.17%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,661.99 4.39%
aptos
Aptos (APT) $ 12.07 0.56%
internet-computer
Internet Computer (ICP) $ 11.86 4.14%
usds
USDS (USDS) $ 1.00 0.30%
hedera-hashgraph
Hedera (HBAR) $ 0.136593 5.92%
crypto-com-chain
Cronos (CRO) $ 0.183026 2.69%
ethereum-classic
Ethereum Classic (ETC) $ 30.51 7.55%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.572429 3.23%
bittensor
Bittensor (TAO) $ 545.29 7.53%
render-token
Render (RENDER) $ 7.71 1.57%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.12%
arbitrum
Arbitrum (ARB) $ 0.944382 12.93%
kaspa
Kaspa (KAS) $ 0.152299 0.63%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46 3.20%
celestia
Celestia (TIA) $ 8.11 3.65%
dai
Dai (DAI) $ 1.00 0.01%
whitebit
WhiteBIT Coin (WBT) $ 23.99 1.17%
filecoin
Filecoin (FIL) $ 5.62 0.64%
vechain
VeChain (VET) $ 0.041451 4.14%
bonk
Bonk (BONK) $ 0.000044 6.79%
blockstack
Stacks (STX) $ 2.18 10.03%
dogwifcoin
dogwifhat (WIF) $ 3.22 3.48%
okb
OKB (OKB) $ 53.54 1.01%