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24 Oct 2022

NZD/USD finds cushion around 0.5700 as Jinping’s win fades, PMIs eyed

  • NZD/USD has displayed a rebound move to near 0.5700 as DXY turns quiet after a roller-coaster move.
  • Investors’ risk appetite has trimmed as S&P500 futures have surrendered their morning gains.
  • The US S&P PMI data is expected to display a weaker performance ahead.

The NZD/USD pair has defended the downside around 0.5720 as investors are shrugging off fears of China Xi Jinping’s third-term leadership announcement. The asset has started displaying reflex actions after a drop and is expected to recover ahead.

Overall risk profile in the market is displaying a decline in investors’ risk appetite as S&P500 futures have surrendered major of their morning gains. The US dollar index (DXY) is eyeing stability after a roller-coaster ride and is continuously auctioning above the critical hurdle of 112.00. Returns on US government bonds have declined sharply. The 10-year US Treasury yields have tumbled to 4.16%, at the press time.

The continuation of China’s XI Jinping leadership for the third time has created havoc for Chinese equities as the risk of a slowdown in economic prospects has escalated. It is worth noting that New Zealand is a leading trading partner of China and weaker Chinese prospects could lead to lower exports for the antipodean.

Also, Monday morning’s China Trade Balance data impacted the kiwi bulls. The overall Trade Balance has accelerated to $84.74B vs. the expectations of $81.0B and the prior release of $79.39B. China’s export data has remained upbeat while their imports have remained flat at 0.3%, much lower than the estimates of 1%. A lower-than-projected Chinese imports data brought volatility in the kiwi counter.

Going forward, the US S&P PMI data will be a key trigger for the asset. The Manufacturing PMI is expected to decline to 51.2 vs. the prior release of 52.0 while the Services PMI may drop to 49.2 from 49.3 reported earlier.

 

 

 

 

Oct 24, 2022

Gold Price Forecast: XAU/USD is at risk of extending its slump once $1,610 gives up

Gold fell for a second consecutive week and neared a two-year low of $1614.81 on Friday. The yellow metal could test the $1,500 level, FXStreet’s Vale
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Oct 24, 2022

Natural Gas Futures: A deeper retracement remains in store

Considering advanced prints from CME Group for natural gas futures markets, open interest went up for the third session in a row on Friday, this time
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