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NZD/USD drops to fresh below 0.5900 on hawkish Powell and risk-off markets

  • Fed Powell warns about sticky inflation and sends the US Dollar higher.
  • The frail market sentiment on concerns about the Middle East conflict is weighing on the risk-sensitive Kiwi.
  • Investors' focus is now on the New Zealand CPI data, due later on Tuesday.


The risk-averse sentiment on concerns about an escalation of the Middle East conflict is hammering the Kiwi this week. The NZD/USD has depreciated about 3.6% in the last few trading days and is about to test the support area at 0.5860.

The US Dollar remains firm, fuelled by rising US bond yields, with investors reassessing their Fed easing calendar. On Tuesday, Fed Chair, Jerome Powell suggested that recent data shows a lack of progress on inflation, which endorses the “higher for longer” Fed outlook.

Earlier on Tuesday, the mixed Chinese data seen on Wednesday failed to provide a significant impulse to the China-proxy Kiwi. China’s GDP accelerated to a 5.3% yearly growth in the first quarter, above expectations of a 5% reading. These figures, however, have been offset by weak consumption and industrial production data.

The focus is now on New Zealand’s Consumer Prices Index report, due later on Tuesday. Price pressures are expected to have ticked up in March, which would support the Kiwi. A negative surprise could accelerate the pair’s downtrend.

NZD/USD

Overview
Today last price 0.5883
Today Daily Change -0.0021
Today Daily Change % -0.36
Today daily open 0.5904
 
Trends
Daily SMA20 0.6002
Daily SMA50 0.6079
Daily SMA100 0.6134
Daily SMA200 0.6063
 
Levels
Previous Daily High 0.5954
Previous Daily Low 0.5898
Previous Weekly High 0.6079
Previous Weekly Low 0.5933
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5919
Daily Fibonacci 61.8% 0.5933
Daily Pivot Point S1 0.5884
Daily Pivot Point S2 0.5863
Daily Pivot Point S3 0.5828
Daily Pivot Point R1 0.594
Daily Pivot Point R2 0.5975
Daily Pivot Point R3 0.5996

 

 

 

 

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