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8 January 2025,02:40
Trade Of The Day
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8 January 2025, 02:40
* Robust Data: The New Zealand dollar declined against the U.S. dollar following positive U.S. economic data, which hinted at a possible slowdown in the Federal Reserve’s rate cuts. December saw a pickup in U.S. services sector activity, with the ISM Services PMI climbing to 54.1 from 52.1 in November, surpassing the expected 53.3. Additionally, U.S. job openings rose unexpectedly in November, with JOLTS data revealing an increase to 8.09 million from 7.83 million, beating the forecast of 7.7 million, despite a slowdown in hiring. These figures underscore a robust labor market and strong services sector, potentially leading the Fed to delay further rate cuts, strengthening the U.S. dollar. The CME FedWatch tool indicates a 93.5% likelihood of no rate cuts this month.
* Technical Breakout: NZDUSD was traded lower following prior retracement from the resistance level 0.56700. MACD which illustrate diminishing bullish momentum with the starting formation of death cross 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 0.55850. Conversely, a potential reversal is also to be expected and the price could head back towards 0.56700.
Looking ahead, investors will closely monitor key U.S. economic data, which includes ADP Nonfarm Employment Change, and Nonfarm Payrolls, to assess market sentiment further.
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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