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March 08, 2023After closing at 0.6112 yesterday, NZD/USD began today at 0.6111 with significant bullish sentiment driving NZD/USD's price action higher. So far today, price action has drawn out a distinct 0.6088 to 0.6139 range.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
The New-Zealand Dollar upside coincides with further encouraging market factors as highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.
At the same time, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Elsewhere, other currency pairs are also gaining ground as GBP/CAD is up 0.5%. USD/CAD is up 0.35%. EUR/CAD climbs 0.34% to trade around 1.4548.
Positive indicators for the New-Zealand Dollar 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 190,000.
Also worthy of note, New Zealand Business NZ PMI (Feb) will be released tomorrow at 21:30 UTC. New Zealand Electronic Card Retail Sales (MoM) (Feb) is scheduled for today at 21:45 UTC.
The currency pair has been trending lower for about a month. Having set a significant low of 0.5566 4 months ago, the Kiwi is trading 9.81% higher.
