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27 September 2024,02:02
Trade Of The Day
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27 September 2024, 02:02
* Rate Cut Speculation: The New Zealand Dollar has retreated from its recent peaks due to speculation about more rate cuts by the RBNZ. Although it was the best-performing G10 currency last week, supported by announcements of new stimulus measures in China, New Zealand’s main export destination, the currency is now under pressure from the possibility of further RBNZ rate cuts intended to support the local economy. Money market data indicates that investors are anticipating one more 50 basis point cut in 2024, with the potential for an additional cut not yet fully priced in.
* Technical Breakout: : NZDUSD was traded lower following prior retracement from its high. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the support level 0.62600. Conversely, a potential reversal is also to be expected and the price could head back towards 0.63550.
Looking forward, investors are focusing on the release of key US data which is PCE inflation data for August on Friday, which may provide new insights into the Federal Reserve’s interest rate outlook.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and New Zealand data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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