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Instrument: NZDUSD
Bullish Preference:
A Buy position is envisaged if the price trades above 0.62127 With Take profit at 0.62241
Bearish Preference:
A Sell position is envisaged if the price trades below 0.62020 with Take profit at 0.61907
Fundamentals:
USD: Empire State Manufacturing Index 2:30pm
Industrial Production m/m 3:15pm
Flash Manufacturing PMI 3:45pm
Flash Services PMI
Comment:
The U.S. dollar fell close to four-month lows in early European trade Thursday after the Federal Reserve signaled rate cuts next year. The U.S. central bank kept interest rates on hold at the conclusion of its two-day meeting on Wednesday, as widely expected, while its latest economic projections indicated its lengthy hiking cycle has ended and lower borrowing costs are coming in 2024.
NZD economy is struggling under the pressure of higher interest rates and it seems wet weather compounded those challenges for retailers, encouraging consumers to stay indoors.There’s every chance spending bounces back in November and December, with the weather being less of a deterrent and households spending more ahead of the festive period. That said, they may well be looking at a more slimmed-down Christmas this year after two years of high inflation which could leave the economy at risk of recession. Which may explain why interest rate expectations have fallen next year
Analysis: SCRUM Team
