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May 12, 2023NZD/USD is range-bound between 0.622 and 0.6386 today after shedding 66 pips and closing at 0.63 yesterday.
On the flip side, United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts.
While price action maintains a negative bias, New Zealand Inflation Expectations (QoQ) released today at 03:00 UTC with a figure of 2.8, while the previous figure was 3.3. New Zealand Business NZ PMI (Apr) came out at 49.1, while a consensus of analysts was expecting 50.7.
Positive performances can be seen by looking at other currencies as having closed the previous session at 1.9853, GBP/NZD is up 1.12% today to currently trade at around 2.0075. EUR/NZD is up 0.82%. USD/SGD climbs 0.25% to trade around 1.3345.
After setting a supportive marker at 0.5566 around 7 months ago, the Kiwi is now trading 13.22% above this level.
