- The NZD / USD saw a modest bounce after falling towards 0.6900.
- The US Dollar Index moves away from the session highs and remains above 94.00.
- Nonfarm payrolls in the US are expected to increase by 500,000 in September.
The pair NZD / USD It closed modestly higher on Thursday and spent the Asian session moving sideways in a tight range. However, after dipping towards 0.6900 during European trading hours, the pair reversed its direction and was last seen trading at 0.6930, where it was up 0.1% on the day.
All eyes on the NFP report
In the absence of high-impact macroeconomic data releases, the USD market valuation continues to drive the NZD / USD movements. Hours earlier, rising US Treasury yields gave a boost to the dollar and the US dollar index (DXY) rose to a daily high of 94.34.
However, investors remain hesitant to take important positions ahead of the September jobs report from the US Bureau of Labor Statistics and the DXY remains sideways at the close of 94.20.
Investors expect Non-Farm Payrolls (NFPs) to rise by 500,000 after a boring 235,000 rise in August. In addition, the Unemployment Rate is forecast to fall to 5.1% and the Labor Force Participation Rate to remain stable at 61.7%.
In a preview of NFP data, “The Fed’s obvious desire to start cutting its bond program means September nonfarm payrolls at or better than forecast is a green light for a November announcement. “said FXStreet Senior Analyst Joseph Trevisani. “October employment figures are not reported until Friday, November 5, two days after the Fed meeting.”
Technical levels
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