NZD/USD Approaches 0.6150 Amid Powell’s Rate Cut Remarks

NZD/USD continues its upward trajectory, nearing the 0.6150 mark following comments from Fed Chair Powell regarding potential rate cuts. The market sentiment is bolstered by Powell’s remarks, contributing to the pair’s gains.

According to the CME FedWatch Tool, there’s a 55.8% probability of a 25 basis points rate cut in June. This anticipation of monetary policy adjustments is influencing the currency pair’s movement.

The New Zealand Dollar (NZD) finds support from upbeat Chinese Trade data, with China’s Trade Balance for February surpassing expectations. The positive performance of the Chinese economy is reflected in the increased year-on-year imports and exports, contributing to the strength of the NZD.

Paul Conway, chief economist at the Reserve Bank of New Zealand (RBNZ), suggests that the central bank might consider rate cuts sooner if the US Federal Reserve proceeds with monetary easing. However, RBNZ Governor Adrian Orr reaffirmed the bank’s intention to begin policy normalization in 2025, citing persistent inflationary pressures as the basis for maintaining a restrictive monetary policy stance for now.

NZD/USD

OVERVIEW
Today last price0.6146
Today Daily Change0.0016
Today Daily Change %0.26
Today daily open0.613
TRENDS
Daily SMA200.613
Daily SMA500.6154
Daily SMA1000.6103
Daily SMA2000.6078
LEVELS
Previous Daily High0.6144
Previous Daily Low0.6069
Previous Weekly High0.6201
Previous Weekly Low0.6076
Previous Monthly High0.6219
Previous Monthly Low0.6037
Daily Fibonacci 38.2%0.6115
Daily Fibonacci 61.8%0.6098
Daily Pivot Point S10.6084
Daily Pivot Point S20.6039
Daily Pivot Point S30.6009
Daily Pivot Point R10.616
Daily Pivot Point R20.619
Daily Pivot Point R30.6235

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