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May 24, 2023NZD/USD is range-bound between 0.6111 and 0.6304 today after shedding 138 pips and closing at 0.6251 yesterday.
United States's Crude Oil Inventories new data released of -12.46 million below its previous figure.
In contrast, positive data for the New-Zealand Dollar reported earlier when United States Crude Oil Inventories published today at 14:30 UTC came out at -12.46 million, falling short of the -920,000 projections and continuing its decline from the previous 5 million figure.
While price action maintains a negative bias, New Zealand Interest Rate came out at 5.5, while a consensus of analysts was expecting 5.5. Retail Sales in New Zealand fell short of market expectations (0.2) with a reading of -1.4, continuing the decline from the previous figure of -1.
In the meantime, negative performances are seen in other pairs, after ending yesterday's session at 0.6613, AUD/USD lost 70 pips and is trading around 0.6542.
Positive performances can be seen by looking at other currencies as GBP/NZD is up 1.86%. EUR/NZD skyrockets 2.16% to trade around 1.7609.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales is projected to outperform its last figure with 0.5%, having previously been at -5.2%. The figure will be published tomorrow at 14:00 UTC.
In addition, as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 250,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.
Furthermore, New Zealand RBNZ Press Conference set for today at 15:00 UTC.
As things stand, the New-Zealand Dollar is 12.3% away from a significant low of 0.5566 first set 7 months ago.
