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March 03, 2023After closing at 0.6221 yesterday, NZD/USD began today at 0.6212 with significant bullish sentiment driving NZD/USD's price action higher. So far today, price action has drawn out a distinct 0.6169 to 0.6278 range.
On the flip side, data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000.
Meanwhile, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
A look at other currencies also shows bullish price action as having closed the previous session at 1.1943, GBP/USD is up 0.18% today to currently trade at around 1.1965. GBP/JPY increases 0.16% to trade around 163.5. GBP/NZD ascends 0.12% to trade around 1.9222.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) will be released today at 15:00 UTC.
The currency pair has been trending lower for about 30 days. After setting a supportive marker at 0.5566 around 4 months ago, the Kiwi is now trading 11.77% above this level.
