{"id":28631,"date":"2024-06-28T11:17:41","date_gmt":"2024-06-28T11:17:41","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28631"},"modified":"2024-06-28T11:17:41","modified_gmt":"2024-06-28T11:17:41","slug":"nzd-usd-nears-mid-0-6000s-lowest-since-mid-may-ahead-of-us-pce","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/nzd-usd-nears-mid-0-6000s-lowest-since-mid-may-ahead-of-us-pce\/","title":{"rendered":"NZD\/USD Nears Mid-0.6000s, Lowest Since Mid-May Ahead of US PCE"},"content":{"rendered":"<h1><strong>NZD\/USD Nears Mid-0.6000s, Lowest Since Mid-May Ahead of US PCE<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">The NZD\/USD pair faces renewed selling pressure after a brief respite, plummeting to its lowest level since mid-May during the Asian session on Friday. Spot prices are currently trading just above the mid-0.6000s, down 0.35% for the day, confirming a bearish breakdown through the 50-day Simple Moving Average (SMA).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The US Dollar (USD) has regained positive momentum, bouncing back from Thursday\u2019s softer data-led decline to reach a nearly two-month peak. This resurgence is driven by the Federal Reserve\u2019s (Fed) hawkish outlook, with recent comments from influential FOMC members indicating no rush to begin a rate-cutting cycle. This outlook has triggered a fresh increase in US Treasury bond yields. Additionally, some repositioning ahead of crucial US inflation data has further boosted the dollar, adding to the downward pressure on the NZD\/USD pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, the New Zealand Dollar (NZD) is weighed down by expectations of an earlier-than-expected rate cut by the Reserve Bank of New Zealand (RBNZ). This anticipation has overshadowed a generally positive tone in the equity markets, failing to provide any support to the risk-sensitive Kiwi. Consequently, the path of least resistance for the NZD\/USD pair remains downward. Traders, however, are likely to await the release of the US Personal Consumption Expenditures (PCE) Price Index for further insights into the Fed\u2019s future policy decisions and the rate-cut path.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A lower-than-expected PCE deflator or a figure in line with <a href=\"https:\/\/www.xtrememarkets.com\/US\/markets\/\"><strong>market<\/strong> <\/a>expectations could support the case for two rate cuts by the Fed this year, potentially weakening the USD. Conversely, an upward surprise would likely push back the timing for the first Fed rate cut and trigger a fresh rally for the dollar. Hence, this data release will be crucial in shaping near-term USD price dynamics and determining the next directional move for the NZD\/USD pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of the upcoming data, spot prices for the NZD\/USD seem poised to register significant weekly losses, continuing a nearly three-week-old downtrend.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NZD\/USD Nears Mid-0.6000s, Lowest Since Mid-May Ahead of US PCE The NZD\/USD pair faces renewed selling pressure after a brief respite, plummeting to its lowest level since mid-May during the Asian session on Friday. Spot prices are currently trading just above the mid-0.6000s, down 0.35% for the day, confirming a bearish breakdown through the 50-day<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/nzd-usd-nears-mid-0-6000s-lowest-since-mid-may-ahead-of-us-pce\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":28632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[168,24,157,506,345,164,242,2313],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>NZD\/USD Nears Mid-0.6000s, Lowest Since Mid-May Ahead of US PCE<\/title>\r\n<meta name=\"description\" content=\"The NZD\/USD pair faces renewed selling pressure after a brief respite, plummeting to its lowest level since mid-May during the Asian session on Friday.\" \/>\r\n<link rel=\"canonical\" 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