NZD/USD plunges more than 1%, hits 6-week low on improved US business activity

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NZD/USD plunges more than 1%, hits 6-week low on improved US business activity NZDUSD Currencies Majors

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.

 

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