The NZD/USD pair is slightly up by 0.08% at 0.6160 in Wednesday’s early American session.
NZD/USD generates moderate gains as the US Dollar drops despite easing Fed rate cut expectations for June. The RBNZ has projected that inflation will rise by 0.8% in the first quarter of this year. Investors await the US Retail Sales data for fresh guidance. The Kiwi asset is broadly sideways as investors shift focus to the United States Retail Sales data for February, which will be published on Thursday.
00 range, which indicates a sharp volatility contraction. Going forward, a downside move below February 13 low near 0.6050 would expose the asset to the psychological support of 0.6000, followed by November 9 high at 0.5956. On the flip side, an upside move would emerge if the asset will break above the round-level resistance of 0.6200, which will drive the asset towards February 22 high at 0.6220, followed by January 11 high at 0.6260.
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NZD/USD IG Client Sentiment: Our data shows traders are now net-short NZD/USD for the first time since Feb 27, 2024 18:00 GMT when NZD/USD traded near 0.62.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.
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