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10 January 2025,02:14
Trade Of The Day
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10 January 2025, 02:14
* Deflation Drag: The New Zealand Dollar continues to struggle against the U.S. Dollar, as a firmer greenback and concerns over deflation in China weigh on the Kiwi. In the U.S., Federal Reserve officials have adopted a cautious stance this year, citing inflation risks and uncertainties under the Trump administration, which lends support to the U.S. Dollar. Several Fed policymakers signaled a slower pace of rate cuts in 2024, following reductions at the past three meetings. Meanwhile, China’s deflationary pressures persist despite sustained efforts to stimulate demand. The Consumer Price Index (CPI) recorded a modest 0.1% year-on-year increase in December, while the Producer Price Index (PPI) contracted 2.3% year-on-year, marking 27 consecutive months of decline. These factors contribute to downward pressure on the Kiwi, given China’s role as a key trading partner for New Zealand.
* Technical Breakout: NZDUSD was traded lower while currently testing near the support level 0.55850. MACD which illustrate bearish momentum signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.55000 after it breach below the level 0.55850. Conversely, a potential reversal is also to be expected and the price could head back towards 0.56700.
Looking ahead, the focus will shift to the U.S. December employment data, set to be released later Friday. Key highlights include Nonfarm Payrolls (NFP), the Unemployment Rate, and Average Hourly Earnings.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US, 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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