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April 13, 2023In a range-bound session favoring short positions, NZD/USD remains constrained in a 0.6185 to 0.6243 range and is currently trading close to 0.6207.
Data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million.
Amid the market gloom, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.
Positive performances can be seen by looking at other currencies as having closed the previous session at 2.0065, GBP/NZD is up 0.28% today to currently trade at around 2.0122. EUR/NZD improves 0.19% to trade around 1.7716. Having closed the previous session at 1.6417, EUR/AUD is up 0.15% today to currently trade at around 1.6442.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Moreover, United States Core Retail Sales projected to decline to -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC.
Furthermore, New Zealand Business NZ PMI (Mar) is expected today at 22:30 UTC.
The currency pair has been trending positively for about a month. After setting a supportive marker at 0.5566 around 6 months ago, the New-Zealand Dollar is now trading 11.69% higher.
