Daily Market Analysis 01.12.2023: NZDUSD

Instrument: NZDUSD

Bullish Preference: 
A Buy position is envisaged if the price trades above 0.61709 with take profit at 0.61899
Bearish Preference: 
A Sell position is envisaged if the price trades below 0.61340 with take profit at 0.61210
Final Manufacturing PMI  3:45 PM
ISM Manufacturing PMI  4:00 PM
Fed Chair Powell Speaks 5:00 PM

The Reserve Bank of New Zealand kept interest rates steady as expected, with the bank stating that inflation still remained too high and that it could potentially hike interest rates further to quell price pressures. The bank’s rate hikes over the past two years were aimed chiefly at bringing consumer price index (CPI) inflation within its 1% to 3% target range. But while the rate hikes did pull inflation down substantially, CPI inflation still remained well above the RBNZ’s target range, at 5.6% in the third quarter.

Analysis: SCRUM Team

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