The NZD/USD pair trades in negative territory for two straight days during the Asian session on Wednesday. The uptick in the pair is bolstered by the
stronger US Dollar and risk aversion. The pair currently trades near 0.5932, down 0.20% for the day.
Tuesday's economic data revealed that US Conference Board Consumer Confidence rose to 103.0 in September from 108.7 in August. The figures reached their lowest level in four months, reflecting the impact of rising interest rates and political uncertainty. In August, Building Permits came in at 1.541M from the previous month's figure of 1.44M. The House Price Index for July increased to 0.8% MoM from 0.4% in the prior reading, exceeding the consensus estimate of 0.5%.
The Federal Reserve decided to hold interest rate unchanged in the 5.25% to 5.50% range in its September meeting last week. In terms of macroeconomic predictions, most members still expect further rate rises later this year. MinneapolisPresident, Neel Kashkari stated on Tuesday that he is one of the Fed policymakers who sees one more rate hike this year. He added that US rates probably have to go a little bit higher and be held there for longer, to cool things off.
Looking ahead, New Zealand’s Business Confidence for September and ANZ Roy Morgan Consumer Confidence will be due on Thursday and Friday, respectively. On the US docket, the US Durable Goods Orders report will be released on Wednesday. The focus will shift to the Fed's preferred measure of consumer inflation, the Core Personal
Price Index, scheduled for release on Friday. It is anticipated that the annual rate will decline from 4.2% to 3.9%. Traders will take cues from the data to find AUD/USD trading opportunities.
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