- NZD/USD finds buyers at 0.6100, although it remains limited below 0.6130 for now.
- Strong US data and concerns about China weigh on the New Zealand Dollar.
- Dollar losses are likely to remain limited ahead of the US CPI and Fed meeting.
US Dollar (USD) weakness is likely to remain limited after Friday’s US NFP data highlighted US labor market resilience and dampened hopes of Fed cuts in early 2024 .
Data releases over the weekend showed China’s Consumer Prices grew at their slowest pace in three years, adding to concerns about the fragile momentum of the world’s second-largest economy and hurting China’s trading partner NZD. .
Today’s calendar is light, with traders awaiting Tuesday’s US CPI data and Wednesday’s Fed policy decision to shed some more light on the Fed’s upcoming monetary policy actions. the Fed.
Technical indicators are declining and prices are below the 50 SMA on the 4-hour chart, and above the 100 SMA. The 0.6130 level is limiting the bulls, closing the doors towards 0.6190 and 0.6225.
Failure to recover 0.6130 would increase pressure towards 0.6050 and 0.6000.
Technical levels to monitor
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
