NZD/USD struggles to justify RBNZ’s optimism near 0.6200, Fed’s favorite inflation gauge eyed – by anilpanchal7 NZDUSD RiskAversion RBNZ Fed Inflation
pair. “The North Atlantic Treaty Organization NATO on Sunday criticized Vladimir Putin for what it called his ‘dangerous and irresponsible’ nuclear rhetoric, a day after the Russian president said he planned to station tactical nuclear weapons in Belarus,” per Reuters.
On Friday, Durable Goods Orders for February dropped by 1.0% versus January's fall of 5% and the market expectation for an increase of 0.6%. Details suggested that the figure for Durable Goods Orders ex Defense and ex Transportation were also downbeat but Nondefense Capital Goods Orders ex Aircraft came in firmer-than-expected 0.0% to 0.2%, versus 0.3% prior. Moving on, the preliminary readings of the US S&P Global PMIs for March came in firmer as the Manufacturing gauge rose to 49.
Moving on, the Fed’s preferred inflation gauge, namely the Core Personal Consumption Expenditure Price Index, becomes necessary for the NZD/USD pair traders to watch ahead of China’s official activity data for March.Although a convergence of the 21-DMA and a two-week-old ascending support line challenges NZD/USD bears around 0.6200, the recovery moves remain elusive unless the quote stays below the 50-DMA level of around 0.6295.
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NZD/USD Price Analysis: Builds cushion near lower end of rising channel around 0.6200The NZD/USD pair is displaying a back-and-forth action in a narrow range of 0.6191-0.6212 continuously since Friday. The Kiwi asset has turned sideway
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