NZD/USD edges lower past 0.6500 with eyes on China PMI, US CB Consumer Confidence – by anilpanchal7 NZDUSD RiskAppetite PMI ConsumerConfidence Fed
data/events. That said, the quote seesaws near 0.6470 following the downbeat start to the crucial week comprising the US Federal Reserve’s monetary policy meeting, as well as New Zealand’s quarterly employment data. It should be noted that China’s officials NBSThe major currency pair failed to cheer the return of Chinese traders after a one-week-long Lunar New Year holiday as market sentiment worsened ahead of the top-tier data/events.
On Monday, New Zealand’s headline Trade Balance improved to $-475M MoM for December versus $-2,108M prior while the yearly figure rose to $-14.46B compared to $-14.98B previous readings. Further details suggest that the Imports eased to $7.19B compared to $8.52B whereas the Exports increased to $6.72B for December compared to $6.34B prior.
That said, the US 10-year Treasury bond yields rose 2.4 basis points to 3.542% while Wall Street benchmarks closed in the red as market players rushed to risk safety ahead of the key front-line catalyst. Also challenging the sentiment could be the mixed headlines over China’s capacity to justify the latest optimism surrounding the world’s biggest commodity user even if it signals upbeat holiday spending and nearness to the current Covid wave.
Given the mixed mood and a light calendar at home, the NZD/USD price may remain depressed ahead of China’s NBS Manufacturing PMI and Non-Manufacturing PMIs for January. Forecasts suggest that the former is likely to remain below 50, close to 49.7, despite improving from 47.0 prior while the latter could regain above 50 level of 51.0 after slumping to 41.6 the previous month.
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