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March 15, 2023NZD/USD is down to 0.619, after ending yesterday at 0.6236. Overall, a 0.73% loss or 45 pips today.
The Kiwi is currently trading at 0.619 following the release of Crude Oil Inventories data from the United States.
In the meantime, negative performances are also seen in other pairs as EUR/JPY is trading around 140.5 (down 352 pips). EUR/USD crashes 1.66% to trade around 1.0556. GBP/JPY closed at 160.53 (down 1.58%).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming New Zealand GDP data is projected to fall short of market expectations with newly published data of -0.1, following on from the preceding figure of two. New data is set to be published today at 21:45 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 205,000, having previously been at 211,000. The figure will be published tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) is scheduled for tomorrow at 12:30 UTC.
The currency pair has been trending lower for about a month. Having established significant support at 0.5566 approximately 5 months ago, the Kiwi's share price has bounced 12.03% higher.
