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11 Jan 2024

NZD/USD improves to near 0.6240 despite downbeat Kiwi Building Permits, US CPI data eyed

  • NZD/USD retraces its recent losses on risk-on market mood.
  • New Zealand's Building Permits MoM fell by 10.6% versus the previous increase of 8.5%.
  • Downbeat US Treasury yields contributed to undermining the US Dollar.

NZD/USD snaps a two-day losing streak on Thursday, improving to near 0.6240 during the Asian session. The New Zealand Dollar (NZD) moves on an upward trajectory despite a leading housing market indicator showing a decline in the number of permits for new construction projects in the country.

New Zealand's seasonally adjusted Building Permits (MoM) experienced a significant decline in November 2023, falling by 10.6%, a 15-month low against the previous reading of an 8.5% increase. The new permits for the month registered a 24% decrease. The annualized number of new home consents is on a continued decline from the all-time peak of 51,015 recorded for the year ending May 2022.

The US Dollar Index (DXY) moves on a downward trend, influenced by softer US Treasury yields. The DXY trades lower near 102.30, with 2-year and 10-year yields on US bond coupons standing at 4.36% and 4.02%, respectively, by the press time.

Additionally, traders are displaying an enhanced risk appetite, speculating on the likelihood of five rate cuts in 2024. Furthermore, New York Federal Reserve (Fed) President John Williams noted on Wednesday that financial markets continue to be highly reactive to new data. Williams conveyed assurance in the Fed's present stance and proposed that it is an appropriate time to deliberate on the future path of interest rates.

The December's Consumer Price Index (CPI) data from the United States (US) is scheduled to be released later in the North American session. This economic indicator carries substantial importance in evaluating inflationary pressures and holds the potential to significantly influence market expectations regarding the monetary policy stance of the US Federal Reserve.

 

Jan 11, 2024

US CPI data Preview: Inflation set to accelerate slightly to 3.2% in December, core to fall further

The high-impact US Consumer Price Index (CPI) inflation data for December will be published by the Bureau of Labor Statistics (BLS) on Thursday at 13:30 GMT.
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Jan 11, 2024

USD/INR gains traction ahead of US CPI data

Indian Rupee (INR) trades on a positive note on Thursday, supported by robust foreign inflows.
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