NZD/USD Bounces Back After Mixed NFP Report from the US, But....
Updated
NZD/USD Bounces Back After Mixed NFP Report from the US, But Faces Third Consecutive Weekly Loss
The NZD/USD currency pair experienced a surge above the 0.6100 threshold following the release of the nonfarm payrolls (NFP) report from the US, which showed mixed results. Despite the rebound, the pair is on track to close a third consecutive week with losses.
The NFP report revealed that 187,000 jobs were created in July, falling short of the expected 200,000 but surpassing the revised figure of 185,000. On a positive note, Average Hourly Earnings saw a 0.4% increase in the same month, exceeding expectations, with the yearly figure rising to 4.4%. Additionally, the Unemployment rate performed slightly better than anticipated, coming in at 3.5% compared to the expected 3.6%.
Following the release of this data, the USD DXY index weakened and dipped below the 102.00 mark. Nevertheless, the overall sentiment in the market suggests that the sector remains imbalanced, potentially limiting the Greenback's losses due to steady hawkish bets on the Federal Reserve (Fed).
Looking ahead, investors are now focusing on next week's Consumer Price Index (CPI) figures from July, which could have a significant impact on the USD price dynamics. As the Fed remains data-dependent in its decision-making process, these inflation figures will play a crucial role in shaping market expectations for potential interest rate adjustments.
Despite the positive performance of NZD/USD at the end of the week, the pair is still facing challenges in the form of consecutive weekly losses. New Zealand's economic calendar for the upcoming week doesn't offer any significant events that could provide a strong catalyst for the NZD/USD pair. Therefore, the market may continue to be influenced primarily by external factors, especially developments related to the US economy and the Federal Reserve's actions.
The NZD/USD currency pair experienced a surge above the 0.6100 threshold following the release of the nonfarm payrolls (NFP) report from the US, which showed mixed results. Despite the rebound, the pair is on track to close a third consecutive week with losses.
The NFP report revealed that 187,000 jobs were created in July, falling short of the expected 200,000 but surpassing the revised figure of 185,000. On a positive note, Average Hourly Earnings saw a 0.4% increase in the same month, exceeding expectations, with the yearly figure rising to 4.4%. Additionally, the Unemployment rate performed slightly better than anticipated, coming in at 3.5% compared to the expected 3.6%.
Following the release of this data, the USD DXY index weakened and dipped below the 102.00 mark. Nevertheless, the overall sentiment in the market suggests that the sector remains imbalanced, potentially limiting the Greenback's losses due to steady hawkish bets on the Federal Reserve (Fed).
Looking ahead, investors are now focusing on next week's Consumer Price Index (CPI) figures from July, which could have a significant impact on the USD price dynamics. As the Fed remains data-dependent in its decision-making process, these inflation figures will play a crucial role in shaping market expectations for potential interest rate adjustments.
Despite the positive performance of NZD/USD at the end of the week, the pair is still facing challenges in the form of consecutive weekly losses. New Zealand's economic calendar for the upcoming week doesn't offer any significant events that could provide a strong catalyst for the NZD/USD pair. Therefore, the market may continue to be influenced primarily by external factors, especially developments related to the US economy and the Federal Reserve's actions.
Trade closed: target reached
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