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March 01, 2023
NZD/USD got off to a strong start by gaining 65 pips (+1.05%), only to run out of steam later in the session around 0.6278. Currently, the New-Zealand Dollar is trading around the 0.6252 level.
United States's Crude Oil Inventories new data released of 1.17 million below its previous figure.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
At the same time, United States ISM Manufacturing PMI (Feb) released today at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. Fresh Building Consents (MoM) (Jan) data from New Zealand came out at -1.5.
Other currencies are also rising as EUR/GBP added 0.9% to its value, now trading at 0.8867. EUR/USD gained 0.7% and is now trading at 1.0658.
Meanwhile, GBP/NZD is down 219 pips from the beginning of the session and now trades around 1.9223.
Positive indicators for the Kiwi are expected going forward as tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
The Kiwi is now trading 11.16% away from its significant low of 0.5566 first tested 4 months ago.
