The New Zealand Dollar (NZD) lost ground versus the US Dollar (USD) late in the New York session after hitting a daily high of 0.5956 but erased those
. Hence, the NZD/USD is trading at 0.5922, down by 0.37%.
New Zealand Dollar struggles against the robust US Dollar as market participants weigh in on US economic developments and Federal Reserve signals Market sentiment remains fragile, as investors jumped and lifted two of the three major equity indices in the United States , shifting mood mixed. Nevertheless, US Treasury bond yields remain near the year's highs, whileFederal Reserve officials remain hawkish, with Minnesota’s Fed President Neil Kashkari continuing his parade on Wednesday. Summarizing what he has said, he remains hawkish, foresees at least one more rate hike, and sees a 60% probability of achieving a soft landing.
Before Wall Street opened, the US Department of Commerce revealed that August’s Durable Goods Orders rose more than expected, at 0.2% MoM, with estimates for a -0.2% plunge. Excluding Transports, the so-called core came at 0.4% MoM, above estimates and the previous month's 0.1% expansion. is taking some cues on the latest inflation figures from Australia, which, although coming as expected at 5.2%, failed to underpin the antipodeans.
Ahead in the week, traders would take some clues on New Zealand’s ANZ Business Confidence alongside Australia’s Retail Sales. On the US front, the final revision of Q2’s Gross Domestic Product , Pending Home Sales, Initial Jobless Claims, andNZD/USD Price Analysis: Technical outlookpattern, the NZD/USD dropped to a new four-day low of 0.5899, but buyers stepping at the 0.5900 figure lifted the pair. Despite its bearish bias, the pair must reclaim the September 5 swing low of 0.
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