USD). Therefore, the New Zealand Dollar weakened, also undermined by lower inflation, as reported during the week. At the time of writing, the NZD/USD is trading at 0.6140, down more than 1%.US equities fluctuated between gains and losses after S&P Global revealed an expansion in the US economy, bolstering the. S&P Global Manufacturing and Services PMIs for April exceed estimates above the 50 level, which usually delineates expansion/contraction in the economy.
Given the lack of economic data from New Zealand, which reported inflation and was lower than the Reserve Bank of New Zealand estimates of 1.8% QoQ, at 1.2%, could spark a pause on the RBNZ tightening cycle. Thewill feature Fed Governor Lisa Cook as traders prepare for the weekend.After hitting a weekly high of 0.6379, the NZD/USD formed an inverted hammer in the daily chart, suggesting that the major could be headed down.