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10 Jan 2024

NZD/USD edges higher to near 0.6240, Kiwi Building permits, US CPI eyed

  • NZD/USD faced a challenge as the risk-on mood shifted to risk aversion.
  • Traders await November's Kiwi Building Permits followed by the Chinese CPI and PPI.
  • US Dollar remains calm amid directionless US Treasury yields.

NZD/USD attempts to recover the recent losses registered on Tuesday, trading slightly higher near 0.6240 during the Asian session on Wednesday. The New Zealand Dollar (NZD) registered losses against the US Dollar in the previous session as the risk-on sentiment shifted to risk aversion. Traders are now looking ahead to Thursday's release of November's Building Permits data from New Zealand, following a reported 8.7% rise in October.

The improved Kiwi Consumer Confidence and Business Confidence figures for November bolstered the sentiment that the Reserve Bank of New Zealand (RBNZ) will maintain a hawkish stance by refraining from policy easing in the upcoming meeting, contributed to a positive outlook for the New Zealand Dollar.

Additionally, Friday's Chinese Consumer Price Index (CPI) and Producer Price Index (PPI) figures will likely attract attention, considering the close business ties between China and New Zealand.

The US Dollar Index (DXY) holds its position near 102.50 after recent gains, attempting to extend its profits amid directionless US Treasury yields. At the time of writing, the 2-year and 10-year yields on US bond coupons mark at 4.35% and 4.01%, respectively. The Greenback could cheer if the risk aversion sentiment improves further ahead of December’s Consumer Price Index (CPI) data from the United States to be released on Thursday.

Investors eagerly seek cues from the Federal Reserve's mood regarding the interest rate trajectory. While elevated interest rates may put pressure on aggregate demand, leading to subdued growth and a softer labor market, the Fed is expected to refrain from any rate cuts in its upcoming January policy meeting.

 

Jan 10, 2024

Gold price remains confined in a narrow range as traders await US CPI on Thursday

Gold price (XAU/USD) met with some supply following an uptick to the $2,040 area on Tuesday and finally settled with only modest gains on Tuesday.
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Jan 10, 2024

Netherlands, The Manufacturing Output (MoM) down to -0.8% in December from previous -0.5%

Netherlands, The Manufacturing Output (MoM) down to -0.8% in December from previous -0.5%
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