NZD/USD drifts higher to 0.6360 on the softer USD, eyes on US Jobless Claims – Crypto News – Crypto News
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NZD/USD drifts higher to 0.6360 on the softer USD, eyes on US Jobless Claims – Crypto News

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  • NZD/USD gains momentum around 0.6360 on the weaker USD.
  • ANZ’s analysts forecast that a global return of risk appetite and the NZD’s high carry advantage will propel the upside until 2024.
  • The US Richmond Fed Manufacturing Index came in at -11 in December from -5 in November.
  • Traders await the US Jobless Claims, Trade Balance, and Pending Home Sales.

The NZD/USD pair trades on a stronger note above the 0.6350 area. The upward momentum of the pair is supported by the weaker US Dollar (USD) and risk appetite amid the thin trading volume in the last week of 2023. At press time, NZD/USD is trading at 0.6360, up 0.34% for the day.

The New Zealand Dollar (NZD) benefits from the improved consumer and business confidence in New Zealand. Furthermore, the Reserve Bank of New Zealand’s (RBNZ) hawkish stance has contributed to the NZD’s support. Analysts from ANZ forecast that a global return of risk appetite and the NZD’s high carry advantage will drive the upside into 2024.

The US Richmond Fed Manufacturing Index arrived at -11 in December from -5 in the previous month and fell short of the market estimate of -7, according to data published on Wednesday. The US will release the Initial weekly Jobless Claims report on Thursday, which are predicted to show a 210K rise in the week ending December 23.

The US Dollar dropped to its lowest level since July near 100.85, as the decline in November’s US Core Personal Consumption Expenditure Price Index (PCE) triggered bets on early rate cuts by the Federal Reserve (Fed) in 2024. Investors anticipate the Fed to hold the rates at its upcoming January meeting and cut the rate as early as March next year.

Looking ahead, market players will take more cues from the US weekly Jobless Claims, Trade Balance and the November Pending Home Sales report, due on Thursday. On Friday, the Chicago Purchasing Managers’ Index for December will be released. These figures might not have a significant impact on the market as traders enter holiday mode heading into 2024.

 

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