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NZD/USD sticks to modest gains around 0.6175-80 region, lacks follow-through ahead of US CPI

March 12, 2024
in Business
NZD/USD sticks to modest gains around 0.6175-80 region, lacks follow-through ahead of US CPI
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NZD/USD regains positive traction on Tuesday and is supported by subdued USD demand.
Bets for a June Fed rate cut and a positive risk tone keeps the USD bulls on the defensive.
Traders, however, seem reluctant and look to the key US CPI report for a fresh impetus.

The NZD/USD pair attracts some dip-buying during the Asian session on Tuesday, albeit lacks follow-through and remains confined within the previous day’s range. Spot prices currently trade around the 0.6170-0.6175 zone and for now, seem to have stalled the recent pullback from the highest level since February 22 touched last week.

The US Dollar (USD) continues with its struggle to attract any meaningful buyers or build on its recovery from a nearly two-month low touched in reaction to mixed US jobs report on Friday amid bets for a shift in the Federal Reserve’s (Fed) policy stance. In fact, the markets are now pricing in a greater chance that the US central bank will start cutting interest rates in June, which is reinforced by a further decline in the US Treasury bond yields. This, in turn, keeps the USD bulls on the defensive and lends some support to the NZD/USD pair.

Apart from this, a positive tone around the US equity futures is seen as another factor undermining the safe-haven Greenback and further benefitting the risk-sensitive Kiwi. Traders, however, seem reluctant to place aggressive directional bets and prefer to wait for the release of the latest US consumer inflation figures. The crucial US CPI report will play a key role in influencing market expectations about the Fed’s rate cut path and drive the USD demand. This, in turn, warrants some caution before positioning for any further appreciating move for the NZD/USD pair.

Investors this week will also confront the release of the Food Price Index from New Zealand on Wednesday, which will be followed by the US monthly Retail Sales figures and the Producer Price Index (PPI) on Thursday. This could further provide some meaningful impetus to the NZD/USD pair and possibly determine the next leg of a directional move.

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