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Should We Keep an Eye on the Downside Potential for the NZD/USD, Which Has Fallen by About 160 Pips?

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Should We Keep an Eye on the Downside Potential for the NZD/USD, Which Has Fallen by About 160 Pips?

25.05.2023

Today's Highlights
  1. Germany's First-Quarter GDP
  2. Collins (U.S.): Remarks by the President of the Boston Federal Reserve Bank

In U.S. trading yesterday, the U.S. dollar emerged as the strongest currency and gained ground against the New Zealand dollar, which was the weakest. The NZD/USD pair fell by approximately 160 pips from 0.6255 to 0.6093. During today’s Asian trading session, the pair continued its downward trend, touching 0.6076.This marked a new low for the year. The New Zealand dollar plummeted following yesterday’s announcement that interest rate hikes would end, but we need to remain vigilant to see if the NZD/USD pair will continue to decline toward the 50% Fibonacci retracement level on the weekly chart, around 0.6036.

European currencies saw the pound rise against the yen after the UK’s April Consumer Price Index (CPI), released yesterday, came in at 8.7%, exceeding market expectations of 8.2%. The GBP/JPY pair rose from 171.893 to 172.789. However, it subsequently traded in a range.During today’s Asian trading session, the pair is trading around 172.400 with an upward bias, so it will be worth watching whether the pound continues to rise into the European session.

Today’s schedule includes Germany’s Q1 GDP and GFK Consumer Confidence Index at 15:00; the TCMB’s policy rate announcement and statement at 20:00; U.S. initial jobless claims and Q1 GDP at 21:30;U.S. GDP Core Deflator, at 10:50 p.m. remarks by U.S. Richmond Fed President Barkin, at 11:00 p.m. U.S. Existing Home Sales, at 11:00 p.m. U.S. Weekly Natural Gas Inventories, remarks by U.S. Boston Fed President Collins,Remarks by Boston Fed President Collins; at 24:00, U.S. Kansas City Fed Manufacturing Index; and at 26:00, a U.S. 7-year Treasury auction is scheduled. We will cautiously monitor the downside potential for the NZD/USD pair, which has fallen by approximately 160 pips.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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