The risk-averse sentiment on concerns about an escalation of the Middle East conflict is hammering the Kiwi this week.
Fed Powell warns about sticky inflation and sends the US Dollar higher. The frail market sentiment on concerns about the Middle East conflict is weighing on the risk-sensitive Kiwi. Investors' focus is now on the New Zealand CPI data, due later on Tuesday. The NZD/USD has depreciated about 3.6% in the last few trading days and is about to test the support area at 0.5860. The US Dollar remains firm, fuelled by rising US bond yields, with investors reassessing their Fed easing calendar.
These figures, however, have been offset by weak consumption and industrial production data. The focus is now on New Zealand’s Consumer Prices Index report, due later on Tuesday. Price pressures are expected to have ticked up in March, which would support the Kiwi. A negative surprise could accelerate the pair’s downtrend. NZD/USD Overview Today last price 0.5883 Today Daily Change -0.0021 Today Daily Change % -0.36 Today daily open 0.5904 Trends Daily SMA20 0.6002 Daily SMA50 0.
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