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 NZD/USD Launches Higher on Stellar Q1 Jobs Report 12-05-2021 
Joined: 04-10-2022
New Zealand Dollar Forecast: NZD/USD Launches Higher on Stellar Q1 Jobs Report

Sentiment may have a chance to recovery Wednesday following a better-than-expected jobs report out of New Zealand. According to the Economic Calendar, New Zealand reported an employment change of 0.6% quarter-over-quarter versus an expected 0.3% for the three months ending March. The unemployment rate fell to 4.7% versus the 4.9% forecast. The better-than-expected print could further reduce the RBNZs dovishness on policy moving forward.To get more news about WikiFX, you can visit official website.
  New Zealand‘s job report was preceded by a financial stability report from the Reserve Bank of New Zealand (RBNZ), which stated the island nation’s economy has fared better than initially forecasted. Although the report did also note that vulnerabilities in the financial system persist. Elsewhere, The Australian Dollar received some positive news through an upgraded final services PMI print for April, rising to 58.8 from 55.5 in the preliminary reading.
  Asia-Pacific markets may still move lower following a gloomy Tuesday on Wall Street that saw technology stocks lead indexes lower. Asia-Pacific markets may get off to a rough start if the downbeat sentiment on Wall Street cascades into broader sentiment. The Nasdaq 100 index (NDX) sank nearly 2%, and the market’s fear gauge VIX index recorded a gain of about 6.4%. The selloff stemmed from US Treasury Secretary Janet Yellen's commentary, stating rates may have to rise to prevent the economy from overheating.
  The comments from the Treasury Chief are in direct conflict with recent Fed talk, but some believe she was referencing market interest rates and not the Federal Reserves benchmark rate used to spur or slow economic growth. Nonetheless, the market reaction shows just how sensitive investors are to any proposed rate increases.
  The US Dollar also took notice of Ms. Yellens comments, pushing the DXY higher. Risk-sensitive currencies were overly impacted, however, with the Australian Dollar and New Zealand Dollar both sinking near a full percentage point versus the Greenback. Treasury markets were not spared from the seemingly hawkish comments from the former Fed Chair, which pushed yields lower on the longer-dated side of the curve.
  Chinese stock markets will remain closed on Wednesday for the labor day holiday. While mainland Chinese markets will be closed, Hong Kong‘s Hang Seng Index (HSI) will be open for trade and perhaps looking to extend gains from Tuesday when the index recorded a 0.70% move higher. China will see some potentially hard-hitting economic data later this week as investors look toward trade data and PMIs from the world’s second-largest economy.
  The Kiwi Dollars move lower against the US Dollar has put NZD/USD in a defensive stance against its 20-day Simple Moving Average (SMA). The recently supportive 100-day SMA was also breached, but the currency pair recaptured the SMAs following the jobs report.
  The 61.8% Fibonacci retracement also appeared to deflect further downside and could step in as support again on the next move lower. That move lower may be on the cards, with MACD turning lower after crossing below its signal line, a bearish sign.
 Re:NZD/USD Launches Higher on Stellar Q1 Jobs Report 02-06-2021 
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 Re:NZD/USD Launches Higher on Stellar Q1 Jobs Report 29-07-2021 
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 Re:NZD/USD Launches Higher on Stellar Q1 Jobs Report 13-11-2021 
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