NZD/USD continues its upward momentum for the third consecutive day, reaching near 0.6020 during the Asian session on Thursday.
NZD/USD gains ground as domestic Building Permits showed a notable increase in February. New Zealand’s Building Permits MoM rose by 14.9% in February against the previous decline of 8.6%. US ISM Services PMI fell to 51.4 in March from 52.6 in February. The seasonally adjusted Building Permits data released by Statistics New Zealand showed improvement, with a notable increase of 14.9% in February, rebounding from the previous decline of 8.6%.
However, the US ISM Services PMI declined to 51.4 from 52.6 in February, falling short of the anticipated level of 52.7. The US Dollar Index struggles as Federal Reserve Chair Jerome Powell reiterated the central bank's readiness to implement rate cuts, emphasizing a data-dependent approach. Additionally, remarks from Atlanta Fed President Raphael Bostic, advocating for a rate cut in the final quarter of 2024.
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